Our 2021 Annual Report

Hey everyone :wave:

We’ve just published our Annual Report for the financial year ending 28 February 2021. You can read the full document here:

We’ve started this thread for the discussion, and we’ll be around today to answer some questions.
We’re committed to being as transparent as we can be.

There may be things we can’t discuss in more detail, beyond what we’ve already shared in the report – but we’ll be clear when that’s the case.


Having a quick skim of the site until I have more time to read the full report properly later.

Numbers look impressive at a glance. But I’m posting now because there is a bug with your layout!


Thanks for the heads up! Passed it on to the team :pray:


I’ve just been viewing this on desktop, and wow; awesome microsite! Huge props to the web and marketing teams :fire:


I’ve just been viewing this on desktop, and wow; awesome microsite! Huge props to the web and marketing teams :fire:

Don’t forget infrastructure :pray: :stuck_out_tongue_winking_eye:


I’m slightly hypnotised by the dancing cards

Its gorgeous


18.1% using Monzo as their main account, up from 13.8%. That’s a great improvement


Florist Gump on the business card made me laugh :laughing:


It’s a real company!

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This report is hugely positive. Some great figures in there and the company is well positioned to build even further on them.

Great stuff!


That certainly is good !

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Note 25 is a bit concerning.

You probably can’t comment on this @AlanDoe but is this aimed solely at Monzo or are they investigating a number of banks?

Such impressive progress there. I have said all along that my hope was that a new broom would turn things around to the direction they needed to go in and it looks like that’s happening which is so pleasing! The nickel and diming end users is still frustrating but it really seems like the current team know how to make this business a success so let’s hope they keep that momentum. The TS era really seems to be setting things on the right course!


I hadn’t realised that Monzo had raised so much over the last year. Any idea on what their current valuation might be, or what the price per share is?

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Assuming they won’t or can’t answer that question, I think it’s reasonable to make an educated guess that it’s likely the former. It’s not something I’ve seen mentioned in any other annual reports thus far. Either this year, or last.

What is annual run rate revenue? - just revenue?

What is contribution margin positive? - does it mean profitable?

Can I have a glossary please :sweat_smile:

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Fantastic looking micro-site, leading to the report with some very reassuring figures in there.

Of note: the Auditors summary for Monzo’s ability to continue as a going concern hasn’t changed much from the last report - I’m guessing this will only change when Monzo can meet its regulatory capital requirements without raising additional capital, based on:

“The group is expected to continue to be loss making over the twelve months from the date of the
issuance of the financial statements and will not be able to meet its regulatory capital requirements
without raising additional capital, as undertaken in prior years.”

So more cash-raising in 2021/22 needed?


And yet they’re still going


Small, but mighty, point from page 14:

Meanwhile, increases in our recurring costs have started to plateau, so our underlying losses have stayed largely flat.


There is an article in the Financial Times if you have access: Subscribe to read | Financial Times

In a letter to chief executives in May, FCA director of retail banking supervision David Geale warned that the regulator had found “several common weaknesses in key areas of firms’ financial crime systems” and ordered all firms to check their processes.

In March it brought criminal proceedings against NatWest, in the first attempted prosecution of a UK bank under anti-money laundering laws.

Monzo said the FCA was looking into both potential civil and criminal liability, but stressed that the investigation was at an early stage.

The bank said: “The prevention of financial crime is an issue that affects the entire banking industry and one which Monzo is taking extremely seriously. Over the past year we have made major investments in our controls in this area as a priority and will continue to invest heavily in this part of the business.”