We've published our 2023 Annual Report

Hi everyone :wave:

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.


:rotating_light: finally profitable. Good work Monzo! :smiley:

More than 7 million customers. 200,000+ business accounts. Gross revenues up 2.3 times. £6.0 billion in deposits. Cash-flow positive. What an incredible year it’s been for 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.”


:dancer: :partying_face: :tada:

Lot’s of good and interesting stuff in there!


This was quick!

Current status: reading.


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.


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!


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… :smiling_face_with_tear:


You can add me to either, neither or both of those lists if you feel you want to hit the arbitrary Monzo Friend Gauge Count.


Did they reach profit? I can’t read til later.

They did (after the financial year ended).


We’re also planning on making access to joint accounts easier. :eyes:


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? :person_shrugging:


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


Having worked in a business that one year took a loss, the best thing to do, if you know you’re going to be profitable again after, is to increase that loss so that you can avoid carrying forward some of the potential losses into the next financial year (ie, pay early for rent or whatever).

Not saying Monzo did that, but I feel they focussed on starting a year profitable, vs starting it with a slight decrease already.


Be interested to know if those Starling numbers include banking as well, where I imagine a lot of their interest is from the business loans, as well as increased business holding? :thinking:

Maybe comparing business vs business and current vs current could be better. I dunno, interesting nonetheless :smiley:


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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