Oh I took “interest income” to be the overdraft fees. So what is the interest income? Is that the funds that they hold from us all? I would have thought that would have been more in that case.
Hope you are right but being aware about the extent of financial illiteracy in in the society, I would be slightly worried.
Daily Mail headlines make huge impact in this country. So do FT’s…
FT readers should know enough not to be put off & the Daily Mail’s been writing negative (& positive) headlines from day one this is why FSCS protection is important
I thought it was any interest they earn on our deposits held at the Bank of England.
Unfortunately most FT readers have legacy mindset. Reading comments under every article about fintech only cement my views on their outlook.
The entire point of raising capital is that you sustain on it as you work towards profitability.
It’s not negative press.
Frankly, we are in a better position right now than we’ve ever been in, in the entire history of the company
That reminds me..
we are of course all biased
It seems low! I would expect more, but I’m no financial expert.
So I guess the fees are the overdraft fees.
What might be considered to be a mistake is that the executive pay has gone up five-fold:
“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.”
I believe it is great to reward company’ head for their work but wonder what average Joe is going to think about it. Rising a top director’s pay to, say, £100k could’ve been an easier pill to swallow for some…
Less than half is wages, the rest is shares
That’s the thing. Headlines will only say: “CEO pay went up 500% while losses mount!”
Not much you can do about people who only read headlines
And the director isn’t named so it’s all assumptions
I think £1bn is a very good estimate
The funny thing was last year (?) or at least awhile ago someone had issues with Tom (or the highest paid director) being paid only £60k and said they were clearly being underpaid for the position and reflected badly on Monzo’s pay for staff. Guess you can’t please everyone no matter what
Hence, I believe that salaries should not be revealed to the public. No matter what your job is. Possibly with the exception of top government employees.
But hey, let’s not start discussion about this on Monzo forum
Do you mean the annual report, or is there something else waiting in the wings?
I meant the Annual Report - we’re also doing a Q&A about it!
Good work Monzo
From startup perspective these numbers are amazing!
Be interesting to see some form of comparison to other unicorns such as uber - customer growth V support cost V profit V revenue (realise uber is likely not the best example)
My assumption is Tom is working crazy hours with a high level of stress combined with this being his idea and the drive for the end goal sitting with him… salary is warranted.