Monzo investor update Jan 2023

Hello and a Happy New Year from Monzo.

Like last year, we’re back with a roundup of what’s gone on over the last 12 months plus a
peek at what’s to come.

:rocket: 2022 in numbers
● We grew to 7m customers, averaging 150k personal account sign-ups every month.
● 350k+ customers subscribed to either Monzo Plus or Monzo Premium and 200k
business owners now bank with Monzo.
● Revenues increased ~2.5x exceeding £440m in annualised revenue in December.
● We’ve been cash flow positive since October (which, simply put, means we’re
earning more cash than we’re paying out), and expect to break even this year.
● We grew to a team of 2,450 people, up 10% since January 2022.
● Customers voted us #1 Best British Bank, Best Banking App, and Best Business
Banking Provider at the 2022 British Bank Awards.
● We were named #1 bank for overall service quality and online and mobile banking
services in Great Britain (CMA) for a 5th time.
● We were voted the #1 startup where people in the UK want to work for the second
year, according to LinkedIn.

You can now have 3 business accounts, inbound euro transfers are coming for business, so hopefully IBANs for everyone too, and businesses taking payments from their phone is also being worked on.

Full pdf;
(Site seems to render incorrectly sometimes, try zoom in to the blank sections or download the pdf first)


Incredible work by team Monzo, these growth numbers are amazing!


Massive moment for the business, and huge kudos to TS for his vision since the pandemic


Great results!
It will be interesting to see the benchmark with Revolut and Starling on these financial criteria


I wonder where this puts our valuation at… Been invested for a lonnnnggggg time now




hopefully slightly higher than previous ones, we can hope that the revenue increase compensates the drop of fintechs valuation


This will make great reading for anyone looking to acquire monzo/ keep using Monzo as their main account.

There was some slight, and only, sarcasm in the above. It’s actually great reading and great to see the positive direction that Monzo are heading in :slight_smile:

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“Investments” product - Investment product, surely. Or is it going to allow multiple investments in different areas :eyes:

And you probably will be for a long time to come too.


Roll forward two years and they’ll have around 10m customers, investment products and will be profitable. My mortgage needs them to IPO in the next 8 years so on the right track…

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I mean this with respect but I hope that’s a joke!

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It’s a single product covering multiple/different investments. At least that’s how I read it:

“It’s no secret that we’ve been working on an investments product.”


So it should be “investment product” no?

I’ll get my coat…


You’ve definitely got me :thinking: now. It reads OK and is an accurate descriptor for what the thing is (one thing allows multiple things to be managed), but on a literal grammar level, it should be investment

Got another coat? I might need one too :door:


IPO could be in coming 2 years according to company communication in 2022

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Is it? I think TS has said in interviews that it’s not something in the next couple of years, it’s also a really rubbish time to IPO, when you’ve got huge firms like Stripe holding off, as it’s not worth it at the moment

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2025 should be a good year for IPOs. 2023 is stabilization of markets and rebound for tech valuations in H2, 2024 is market increase, especially tech. And I believe that we should see IPOs in H2 2024 and 2025


What’re Friday’s Euromillions numbers? :eyes:


Nothing guarantee on markets…but there are cycles. There is always rebound after a big drop, and there is a huge amount of dry powder hold by funds at moment