Hi everyone 
We’ve just published our Annual Report for the 2023 financial year.
Have a read and as usual, I’m here to field questions from the community to the relevant teams at Monzo.
“Profitability was always a choice as we balance continuing to invest in growth with profitability,” Monzo’s CEO, TS Anil, told CNBC in an interview. “We could have chosen to be profitable a few quarters ago.”
“From our perspective, this is a country where we got licensed, this is our home market; we’ve clearly learned this is where we can build a business of scale,” Monzo’s Anil said. “It’s not holding us back, I don’t think of it like that at all.”
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Lot’s of good and interesting stuff in there!
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This was quick!
Current status: reading.
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The full report linked at the end is really nice and clear, I read or skimmed the sections and a couple of random observations;
We’ll also lay the foundations for growing into Europe.
Because when we say we want to make money work
for everyone, we really do mean everyone.
I don’t see this mentioned in the 2022 report, obviously a long way off but nice to see.
Monzo Inc United States
Monzo Support US Inc United States
Looks like there’s two US entities.
Additionally last year’s link redirects to 2023, not sure if that’s expected.
monzo[.]com/annual-report/2022
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But but but… all those people on youtube said you were going bust… I mean its on youtube so it has to be true! /jk
In all seriousness well done hitting the milestone!
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Customers have an average of 34 friends who use Monzo
Way to rub it in, Monzo! I don’t think I have that many acquaintances, let alone friends… 
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Did they reach profit? I can’t read til later.
They did (after the financial year ended).
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We’re also planning on making access to joint accounts easier. 
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I wonder if there will be any update on ‘share’ price as well. A lot of happened since last one
Company in profit, growing safely - 18 months ago it was £14.4125? so what, £30 now? 
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No new funding so no update to share price.
I’m a little underwhelmed by the headline result to be honest. Would have hoped the net loss would have been much less than last year given all the top line growth.
FY24 sounds promising, but then I said that about FY23 when reading last years report…
Starling also released their 2023 report.
Some comparison charts
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I understand, but I’d assume their credit loss provisions wouldn’t be so malleable, more formulaic.
Setting aside ca. £106m for ca. £750m of lending is quite a lot of bad credit! 14% bad debt when you’re making ~20% on the lending isn’t great.
It doesn’t look like a huge amount of progress has been made penetrating the US either.
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That’s exactly right as per the report. My point is, assuming you lose £14 for every £100 you lend is quite high, when you’re typically earning £20 for lending the £100 in the first place.
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You’re probably right. It would be interesting to know from someone the actual loss experience so far, or maybe it’s in the notes somewhere…
goes digging
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They’ve just recently snatched billions in deposits from oaknorth and paragon etc by moving the interest bearing pots in house. I reckon there will be a huge jump on the next one if they finally launch their investment product as well.
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Mortgages and big Covid lending (in the case of Starling at least) + business bank account balances tend to be higher. I actually think the growth in deposits is pretty good for a bank that’s mainly a current account provider. Though interesting to see the earnings potential on active business accounts relative to personal accounts, probably why they’re looking to focus on that this year.
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