Our 2022 Annual Report

Hey everyone :wave:

We’ve just published our Annual Report for the 2022 financial year.

You can read it here:

I’ve started this thread for the discussion, and will be around today to field any questions that you may have.


thank u alan very cool


Thanks. I’ll let everyone else read it and tell what’s right/wrong with it.


MONZO will go BUST!!!

Comments incoming.

Edit: I’m yet to read (who am I kidding, skim) the full report but huge kudos to the person(s) who did that page. It looks so good


High level numbers & points from the report……

  • 100,000 users per month joining
  • 430,000 Monzo Plus, Monzo Premium and Monzo Business customers as of June 2022
  • Deposits at £4.4bn (+42%)
  • Card spend at £24bn (+50%)
  • £270mn revenue (+90%)
  • 35,000 people using flex
  • Loss increase by 2% from £116.2m to £119.0m

Mostly loss down to increase in Personnel expenses, and increase in Expected Credit Loss:

Our ECL is the amount we forecast we’ll lose when customers can’t repay us the money they’ve borrowed. We recognise an ECL charge at the time money is lent and this charge increases as the risk of a customer not being able to pay us back increases (see Note 25).]

^ so this loss may not actually end up happening.

External Auditor review:

The Bank retains significant headroom to its binding liquidity requirements over the going concern period and we do not consider that the Bank’s liquidity requirements give rise to a material uncertainty.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group’s ability to continue as a going concern for a period of fifteen months to 30 September 2023 from the date of the issuance of the financial statements.

FCA Investigation still ongoing:

As disclosed last year, in 2021 the FCA commenced an investigation into our compliance with the Money Laundering Regulations 2017, potential breaches of some of the FCA Principles for Businesses and related FCA rules for anti-money laundering and financial crime systems and controls between 1 October 2018 to 30 April 2021. This ongoing investigation is looking into both potential civil and criminal liability. We will continue to cooperate with the FCA throughout their investigation.

The FCA enforcement division is continuing both their ongoing investigation and the review of our historic compliance with financial crime regulation, we expect these matters to take time to resolve. This could have a material negative impact on our financial position, but we won’t know when or what the outcome will be for some time.


90% increase in revenue is high - surprised it has led to a (very small) increase in losses.

Would love to know how much that has increased by, as I assume that figure is from February (as per the date on the report)?


And what they mean by “using”

I have it, but have never used it.


Worth noting actual FY2022 gross revenue/income was £154m. Net operating income (probably the most important number) was £114m - 80% higher than last year so still shows great progress.

The £270m touted on the front page is their projected gross annual revenue/income run rate.

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Please correct me because without doubt I am wrong but:

  • £270mn revenue (+90%)
  • Loss increase by 2% from £116.2m to £119.0m

Does this mean Monzo is making profit? :thinking:

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No, they’re making a loss of £119m.


Loss doesn’t equal expenditure.

Income – expenditure = profit (or loss)

According to the Income Statement p.104, the loss is down from £131 to £119. This is based on restated figures. Where is the previous £116 loss coming from?


The one off loss:

We have no non-recurring items this year. In FY2021, we had £14.9m of non-recurring costs. Of that, £11.0m was an expense to make good on our team’s share options. And the remaining £3.9m was an impairment charge on a floor of our London office, which we no longer plan to use, but have now sublet.

Pages 23-24

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There seems to be no indication or reference to any plans for Monzo to IPO.

Of course, I’m not sure if an Annual Report would be the usual place to reveal such plans, but I was certainly hoping for even a small insight on what the current thinking is.

I suppose perhaps in the current economic climate that might be off the table until 2024 or even later.

The run rate income stuff is interesting, because it looks like the bank will be close to profitable in 2023, and probably in 2024.

These are impressive number, I especially look forward to click bait youtube videos saying their not


It’s interesting that monzo are lumping plus, premium, and business together in the figures :face_with_monocle:

£270m revenue based on extrapolating the June figures is also a bit… hmm. The June (2022?) figures come from outside the reporting period. It certainly suggests that revenue is on the rise (presumably due to flex and lending products? Maybe paid for accounts?), which is good, but you’d also expect operating costs to rise as the business grows, so I’m still not sure this means we can expect a profit next year.


Some excerpts on account usage

Page 21: "More than 1 million customers are now using us as their main bank, which is a 43% increase
year on year. And 58% of our customers are using their account on a weekly basis, an increase from 55% in FY2021 despite the COVID-19 pandemic"

Page 27: “Customers are depositing more of their money with us Customer deposits increased to £4.4bn from £3.1bn in FY2021. We welcomed 1m new customers this year and more than 1m are using us as their main bank. Customers are holding an average of £793 in their accounts, a 21% increase from FY2021.”

I can’t see any explanation of how Monzo currently define “main bank” usage. That would be a useful detail if it can be provided.


Smaller than my credit card balance, tbf. I’d be happy to lend them £120 if it helps. :wink:


My guess would be those people detailed in their fees and allowances terms: