Digital bank Monzo has issued another warning about its ability to continue as a going concern after reporting a £115 million loss for the 2020/21, according to Finextra. Loss levels are broadly equivalent to those suffered last year, although revenue is now double that of the initial slump in April 2020, and 30% higher than pre-lockdown levels. For 2021 revenue increased by £12 million to £79 million.
The company currently reports 200,000 paid subscribers to its premium accounts and added one million new customers over the year. Deposits are up 124%, increasing from £1.4 billion to £3.1 billion.
Yet uncertainties remain. In a directors statement, the group says: „We have losses today and expect to have more in the short term. Which is why we plan to raise the capital we need to support the business and meet our capital requirements in FY2022. There is a risk we can’t raise enough capital, on acceptable terms, when we plan to.”
The statement was recognised in the audit report: „These conditions indicate that a material uncertainty exists that may cast significant doubt on the group’s ability to continue as a going concern for a period of twelve months from when the financial statements are authorised for issue. Our opinion is not modified in respect of this matter.”
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
