Monzo Annual Report 2019

Yep think this could be true

Given there is such a massive focus on delivering features which drive profit over features which improve the customer experience I’d agree that losses have increased substantially

Looks like the annual report is out now:

£47.2M loss to 28 Feb 2019 compared to £30.8M year before


Better than I thought the loss might be. Great find.

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This goes up to the end of feb iirc. So end of prepaid, end of card top ups, launch of joint accounts, early days of loans etc but pre business accounts, plus and other revenue streams

I don’t expect losses on the scale of the previous years but more customers so will wait and see

Edit: posted before the report was linked

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Great find! :hot_coral_heart:

But Monzo - no mobile native format? Previous years you’ve led by example here - please go back to publishing natively in HTML. PDFs and mobile = difficult. :pensive:


Timeline calls it Mondo? Typo? Or did they go through a name change I missed…

Yes the original name was Mondo

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£288 average balance I think if I’ve mathed correctly




Also, 92 pages and not a single pie chart? Doughnuts don’t count

Sort it out Monzo, pie charts are awesome :rage:



Article in the FT (sorry if you get paywalled - it was free for me):

Some interesting pull outs:

The company’s “per-user contribution margin” — in effect, the annual cost or profit from servicing each customer — reached £2 by the end of February, from minus-£30 a year earlier. Mr Blomfield said this figure had since increased to more than £5 per customer.

I’m paraphrasing here, but Tom saying that they have a choice between losing more in the short term and creating a long term business with more value, or getting to short term profitability at the risk of longer term value.


This was interesting

“but its main source of income is still the fees generated every time a customer uses their card.”

What form do these fees take?

And maybe a very silly question - If I hypothetical used my card individually for each item at a shop would that equal more money for Monzo
(Obviously not going to do that - more just curious)

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I may be wrong but I understood it to be a % of the transaction + some dedicated to each use.


So where is that money coming from?

The retailer?
or mastercard?
or …???

What time frame will the new Annual Report cover? Will it be the previous fiscal year (for Monzo)? If so I’d probably expect losses to be in the £35-45 million range but that I think would be comfortable seeing as the two rounds of funding within 6/7 months of each other.

The Annual Report is available -


I believe the retailer, it’s called the interchange fee. Some of it goes to the card issuing bank and the rest MasterCard/card network.

There are others on this forum that know more about it though.


Ahh I see - was checking Companies House and it didn’t seem to have been uploaded (I think the one I want to see most is slightly different to this one!)

EDIT: nope just looks like Monzo published it before it was put on Companies House Website - forget what I said!

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Closed in favour of the official thread since it’s now been announced: