Hey everyone 
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.
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thank u alan very cool
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Thanks. I’ll let everyone else read it and tell what’s right/wrong with it.
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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)?
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And what they mean by “using”
I have it, but have never used it.
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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? 
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No, they’re making a loss of £119m.
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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?
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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
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It’s interesting that monzo are lumping plus, premium, and business together in the figures 
£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.
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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.
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Smaller than my credit card balance, tbf. I’d be happy to lend them £120 if it helps. 
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My guess would be those people detailed in their fees and allowances terms:
https://monzo.com/help/account-and-profile/our-new-fees-and-allowances
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Really good report and loved the graphics/web page when you initially click through. Couple of things I found quite interesting:
- potentially being open to an acquisition – wonder whether they’d try and buy a US bank to skirt the application process.
- that they raised $15m of debt last year, and unless I’m reading it wrong, paid more than $2m in interest on it? That’s a chunkier coupon than I’d have expected! But perhaps it includes repaying some of the principle.
- Flex being opened up to non-Monzo customers – maybe they’re going to take a swipe at Klarna!?
A great read though, really nice to see all the progress and massive opportunity still available!
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Very slick report and some promising figures for profitability 
love the continual improvements in diversity, welfare, and service quality too!
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Some interesting points in there:
- Good to see the new CFO appointment
- Lizzie Runham - a depth of experience in Africa, the Middle East and Asia where she has spent the last 15 years External appointments: Lizzie is also the HR Vice President, International for Meta
Monzo East confirmed. And Facebook takeover too.
Joking aside, a great report considering the position in 2019/2020
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