And another on page 18:
It’s meant our lending has been profitable through the pandemic, even as we’ve reduced our lending balances
Our customer base has around £18bn worth of loans from other UK banks, so there’s a big market opportunity to meaningfully grow our revenues.
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Thanks for that 
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There’s a balance of a billion in the savings marketplace
I’m very surprised as the rates are so low
The real juice is on page 25
Basically the figures are the same overall if you look past the “Non-recurring items”, which are presumably connected to closing the Las Vegas office and cost associated with losing some beloved Monzonauts share options and an impairment charge on a floor of the London office, which they no longer plan to use
Edit: Reflect actual reasons and not my speculation!
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There are not a lot of better choices that are low risk, so I have all mine there for the visibility and to do my coin jar into it
I am probably not on my own there
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Premium bonds
I won £25 on them last month 
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I think it’s “Dec was £10m, so our run rate is £120m” effectively
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Typo on page 21 @AlanDoe, bottom right where it talks about CET ratio, should read “increased”.
Decent report - well done Monzo!
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I thought, from looking at the Tone of Voice thread, jargon was exclusionary and BAD?
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It is if you’re aiming it at everyone
But this is by it’s nature a technical report, primarily designed for those who understand this stuff
I’d like to see a version in the Monzo tone of voice though alongside it
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Nice report, congrats on the numbers! Promising to see that Monzo added 1m users and launched its new products despite marketing costs dropping from £16.8m to £0.5m. Is this something management sees increasing again going forward to ramp-up growth?
Professional and legal fees jumped massively from £5.7m to £19.3m - was this largely due to COVID or also for advice on product launches?
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I’ve asked our Finance Team for a little bit of a glossary @Rat_au_van, their response below:
Annual run rate revenue - this is what our revenue would be for 12 months if extrapolated out from a given month.
Contribution margin - this is how much a customer or product earns us compared to the gross cost of having them e.g. if a customer opens a current account and that costs us £7 (for example) to operate, but we earn £10 of revenue from that customer we have a positive contribution margin of £3.
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Wow I love this website! It gives me Apple vibes! Well done! And congrats!
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After giving the report a thorough read, I can’t help but feel like Monzo is moving in an incredibly positive direction. Profitability looks on the radar, too 
.
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We do plan to focus more on marketing, though nothing specific to share yet! We’ve actually recently had our new VP Marketing join (and we’ll ask Sarah to introduce herself soon).
On the legal and professional fees – it’s a range of different factors really. This quote from the report may explain more if you haven’t seen it:
“Legal and professional fees include the costs of consultants, lawyers and other outsourced teams like internal audit. These costs have increased as we’ve brought in expertise to work on specific projects to improve our business.”
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With that kind of web development skill, imagine what they could do with an online banking website 
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Don’t forget infrastructure
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Okay only time to skim this.
Firstly I love that Monzo give us such a detailed report to fuel our idle speculations!
Immediate thoughts are that I can see an annualised revenue rate but not an annusalised cost base which makes it difficult to tell if they are in profit - so we can assume they aren’t 
(or weren’t in December anyway). But, their recurring costs have remained pretty stable at <£120m (I assume the big non recurring cost was the restructure?) so I think they may be close to announcing an in-profit run rate.
The other thing is, it is really great to see organic growth remain so positive. Overall, strong figures and there should be a pretty big jump up in their valuation based on this. Much better reading than last years anyway! I look forward to having a good long read tonight (yes, my life is that tragic).
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Anyone know how main account is defined for the purpose of the report?
At some point in the past accounts receiving at least £1k per month were known as a salaried accounts. But this made up 30% of users last time I saw it reported. So I presume “main account” has some other definition.