This is quite interesting read about Monzo’s financial situation from The Telegraph. I have just come across this article in a recent post on Starling forum.
Some bits from the article look slightly worrying:
"…Pre-tax losses hit £33.1m, up from £7.9m the previous year.
Monzo’s highest paid director, thought to be Mr Blomfield, earned £305,000 during the year in wages and share-based payments, up from £60,000 the previous year.
Mr Blomfield said Monzo planned to achieve profitability “very soon” through services such as overdrafts and further cost cuts."
“The bank said it would look to cut costs further by providing more automated help services alongside support staff.”
Are there reasons to be concerned? Increasing losses are accompanied by executive pay rise and possible compromises on customer service? Am I reading this incorrectly?