8.6 C
New York
Sunday, June 16, 2024
Home Uncategorized Monzo must press ahead with its big ambitions, says CEO

Monzo must press ahead with its big ambitions, says CEO

TS Anil, CEO of Monzo bank, claims the company is going to continue on scaling up the business, defying the retrenchment forced on many fintechs by slowing economic growth and a downturn in markets.

Read also: Revolut hits 20 million users

He said his big plans also have the backing of Monzo’s shareholders, who invested $500mn into the bank in a fundraising that took place last year and raised Monzo’s value to $4.5bn.

“For every question I get on profitability, I get many times that number from investors and others asking whether we’re investing wisely for the long term,” Anil said in an interview with the Financial Times.

“It’s incredibly important to us that we build Monzo not just for today, but for the big global ambition that we have.”

Monzo is still hiring and aims to build out its buy now, pay later service while looking to expand in the US, Chief Executive Officer TS Anil said in an interview.

The London-based firm reported revenue up 92% to £154.2 million in the year through February, while net losses before one-time charges such as last year’s staff stock options rose 2% to £119 million.

Monzo, which was founded in 2015, is one of the UK’s largest digital banks with about 5.8 million customers after raising £450 million in December 2021. The CEO confirmed Monzo would not be seeking to raise further capital this year.

The digital bank joined the buy now, pay later market in March with an option to spread the cost of purchases over three months interest-free, or over six to 12 months with interest. Monzo Flex currently has about 35,000 customers and 300,000 on the waiting list.

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

NEW Revolut UK CEO to make Conference Debut at MoneyLIVE Summit

MoneyLIVE has today announced that Revolut’s newly appointed UK CEO will be making her conference debut at MoneyLIVE Summit 2024, which is...

2024’s Financial Innovators: A New Era of Banking Startups 

In the wake of the COVID-19 pandemic, our world witnessed an unprecedented shift towards digitalization. The banking industry, in particular, has been...

C-suite Banking and Payments Leaders From Across Europe Set to Meet at London’s MoneyLIVE Summit in March

On the 6-7 March 2024 MoneyLIVE Summit will return to London’s QEII Centre to unite over 1000 banking and payments leaders from...

The Evolution of Digital Wallets: A Shift from Physical Cards by 2030

By 2030, we can expect digital wallets to become the preferred payment instrument, offering a myriad of non-payment-related services for consumers.