Alexander Ketishvili’s Post

Countless press articles over the past few days covering Monzo Bank posting its first annual profit of £15.4m since launching in 2015 (including this latest one from the Financial Times below) The business is now valued at $5.2b. Lot's of questions (mostly dodged!) about the potential of a London listing or the prospect of a US listing with a growing US focus. Also confirmation that it’s in the early stages of expanding into the broader European market via a new base in Ireland which is exciting. The company said that it expects to grow its customer count to 11 million in the coming year under the leadership of TS Anil. The UK neobank scene appears to be thriving which is great. We currently manage more than 40,000 retail investor positions in Monzo from when they invested in the company between 2016 and 2018. Investors who participated in the 2016 round came in at a pre money valuation of £23.6m 😎 https://lnkd.in/eHcsex_u

WHAT A WAY TO START THE WEEK! 🤩 Monzo Bank have announced their first FULL year of PROFITABILITY 👏 🏦 📈 Achieving a pre-tax profit of £15.4m for the financial year ended 31 March 2024, FY24 saw Monzo scale AND invest in new revenue streams after MANY game-changing products and features 💰 📲 The digital bank have recently raised around £500 MILLION of new capital from leading global investors led by CapitalG, Alphabet Inc.’s independent growth fund and Monzo ALSO have continued to help customers manage their money in the face of persistent economic challenges and the ongoing cost-of-living crisis 👨💻 TS Anil, CEO of Monzo, said: “This was a landmark year of record growth for Monzo. We surpassed 9m personal customers and 400,000 business customers, launched game-changing new products, closed a £500m capital raise and, as planned, reported our first year of profitability. I’ve never believed in the idea that a company has to choose between either being mission-oriented or focused on business outcomes. FY2024 proved Monzo is doing both – and that our strategy of placing the customer at the heart of everything we do is working at scale. We’ve achieved scale, growth and profitability, and we have all the right components to seize the huge opportunity ahead.” Read more on the link below! 👇 #monzo #digitalbank #ukfintech #fintech #fintechnews #profitability #fianncetechnology #mobilebank #banking #financialservices

Monzo Bank Announces First Full Year of Profitability Amid Record Growth and Accelerates International Expansion Plans TS Anil, CEO of Monzo, said: “This was a landmark year of record growth for Monzo. We surpassed 9m personal customers and 400,000 business customers, launched game-changing new products, closed a £500m capital raise and, as planned, reported our first year of profitability. I’ve never believed in the idea that a company has to choose between either being mission-oriented or focused on business outcomes. FY2024 proved Monzo is doing both – and that our strategy of placing the customer at the heart of everything we do is working at scale. We’ve achieved scale, growth and profitability, and we have all the right components to seize the huge opportunity ahead.” https://lnkd.in/eKJ_2GnK #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

Monzo Bank is profitable at last! "Digital bank Monzo has reported its first annual profit since launching nearly a decade ago, as the London-based fintech benefited from higher interest rates and growth in transaction fees and subscriptions. The neobank, founded in 2015, reported a £15.4mn pre-tax profit in the year to the end of March, up from a £116.3mn loss the year before. Revenue more than doubled in the period to £880mn, as the fintech’s net interest income — the difference between what banks pay on deposits and what they earn from loans — rose 167 per cent to £438mn thanks to higher interest rates. Monzo’s revenue was also boosted by transaction fees, with net transaction income growing by £60.9mn to £167mn despite customers spending less abroad due to the cost of living crisis. Revenue from its subscription plans including Monzo Plus, Monzo Premium and Monzo Business grew to £27.4mn, up from £19.5mn the previous year.£27.4mn, up from £19.5mn the previous year."

The British digital rival bank, Monzo Bank, released its first full year of profitability results on Monday. Since 2021, there has been a decline in fintech investment, which has compelled neobanks to prioritise profitability above quick growth. The most popular banks in Britain are seeing more and more competition from digital-only banks like Monzo and Starling Bank, whose appealing mobile-only products have drawn millions of customers. In addition to aiming for US development, Monzo stated that it is now in the early phases of establishing an office in Ireland as a means of boosting business within the European Union. “This was a landmark year of record growth for Monzo. I’ve never believed in the idea that a company has to choose between either being mission-oriented or focused on business outcomes. FY2024 proved Monzo is doing both – and that our strategy of placing the customer at the heart of everything we do is working at scale. We’ve achieved scale, growth, and profitability, and we have all the right components to seize the huge opportunity,” Chief Executive TS Anil commented.

Monzo has made a profit for the first time, having seen its revenue increase dramatically over the past year. This contrasts with reports, also out today, lamenting that FinTechs or "Neobanks" have failed to dislodge the big banks because their main revenue streams come from payments. Today, Neobanks offer credit cards, loans and savings products so profitability may become increasingly achievable. Despite a wider service offering, most people will continue to use Neobanks alongside a primary account for the short term. They remain important though. FinTech has changed how banking is done and has improved the customer experience. It has opened up a new range of role types and career paths in the new organisations and also in longer established banks. Healy Hunt provides specialist recruitment services for FinTech professionals across Financial Services. https://lnkd.in/ezx2CNr4 #fintech #neobank #executivesearch #recruitment #startup #scaleup

🚨 𝗡𝗲𝘄𝘀 𝗙𝗹𝗮𝘀𝗵: Monzo Bank posts first full year of profit after more than doubling revenue 🤯 The fintech startup said in annual financial results that its pre-tax profits totaled £15.4 million ($19.6 million) in its 2023-2024 fiscal year, swinging to the black from a £116.3 million loss the year prior. Monzo posted revenues of £880 million for the full year, up from £355.6 million in 2022. That marked a more than twofold increase. Monzo is one of Britain’s largest digital banks, competing with the likes of Starling and Revolut as well as established lenders such as HSBC and Barclays. Last year, Monzo reported its first month of profit. That marked a major turnaround from 2020 when Monzo warned it faced doubts over its ability to continue “as a going concern” early into the Covid-19 pandemic. The company has seen significant growth in recent years. This year, it attained a $5.2 billion valuation and it now has 𝟵.𝟯 𝗠𝗶𝗹𝗹𝗶𝗼𝗻 consumer customer (from 7.4m) and 400,000 business clients (from 200k a year ago). The long story short: ► £15.4m ($19.16m) profit  ► 2.5x revenue growth ► 88% increase in deposits (to £11.4bn or $14.51bn) ► 47% increase in card spending (to 47.8bn or $60.85bn) ► 84% increase in the gross loan book More info can be found in the document below👇 + you can find the complete report here: https://lnkd.in/eMjGRbfY Find this helpful? [ 𝗿𝗲𝗽𝗼𝘀𝘁 ] Anything to add about this subject? [ 𝗶𝗻𝘃𝗶𝘁𝗲𝗱 𝘁𝗼 𝗰𝗼𝗺𝗺𝗲𝗻𝘁 ] Nice story, Marcel. Next! [ 𝗹𝗶𝗸𝗲 ] 

💰 Monzo Bank hits a major milestone by reporting its first full year of profitability, with a pre-tax profit of £15.4 million for the 2023-2024 fiscal year. This marks a significant turnaround from the previous year's £116.3 million loss. The #fintech's revenues more than doubled to £880 million, driven by #growth in lending, subscription models, and an expanding customer base. Despite regulatory scrutiny and economic challenges, Monzo continues to thrive, eyeing international expansion and a potential public listing. https://lnkd.in/e_wKZMY3 #Fintech #Monzo #Profitability #DigitalBanking #Innovation #BusinessGrowth #FinancialServices

Profitable Zopa Bank has a fraction of the customers of Monzo, Revolut and Starling — CEO Jaidev Janardana says that’s by design. Digital bank Zopa Bank to expand into current accounts, investments and SME lending, focusing on increasing average revenue per customer rather than total customer numbers, its profitable consumer-focused neobank status, and its strategy of offering competitive interest rates to incentivize customers. Zopa's history as a peer-to-peer lender transitioning into a full-service digital bank, its reliance on lending for the majority of its revenue, and its future plans to diversify income streams through new products and partnerships are significant factors to consider. Zopa's cautious approach to geographical expansion, potential future IPO, and optimism about the UK's economic outlook are notable in understanding the company's strategic direction. Check out the full pice 👇 by Tom Matsuda Sifted #bank #fintech #sme #lending ❤️ Enjoyed this? Share the love with your network! 🗣 Have insights to share on this topic? Please comment! 🎉 Sponsorships and content with Sifted? I'ma message away! Let's get it 🚀 https://lnkd.in/erYTPimr

It's hard not to notice almost everyone with a Monzo card. Especially after surpassing 9m personal customers, 400,000 business customers, and reporting their first year of profitability with 2.5x growth! Well done Monzo Bank. 'I’ve never believed in the idea that a company has to choose between being either mission-oriented, or focused on business outcomes. FY2024 proved Monzo is doing both - and that our strategy of placing the customer at the heart of everything we do is working at scale.' Monzo Bank CEO TS Anil https://lnkd.in/ezx2CNr4