British digital bank Monzo marginally narrowed its annual loss in the year to February 2023 and said it had reached monthly profitability, as it battles to match some digital rivals that have already translated rapid growth into profits.
Monzo is one of Britain's highest-profile financial technology companies, having attracted 7.4 million customers with its bright coral cards and spend-tracking data since launching in 2015.Monzo reported a net loss of 116.3 million pounds for the year, compared to a loss of 119 million the previous year.
"We will make a great public company one day," Anil added. "If at some point there's the right reason to raise capital [from investors] to invest even more, we will," he said. Monzo's revenue more than doubled to 355.6 million pounds in the year to February, boosted by a rebound in customer spending after pandemic lockdowns and expansion in services, while its deposits increased 34% to 6 billion pounds.
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