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City of London

Monzo Aims for Growth Over Quick Profit During Fintech Downturn

  • Digital bank’s revenue rose 92% in the year through February
  • Spending on staff and products increased loss to £119 million
TS Anil, chief executive officer of Monzo Bank.

TS Anil, chief executive officer of Monzo Bank.

Photographer: Chris Ratcliffe/Bloomberg

The boss of UK digital bank Monzo Bank Ltd. said he’s targeting growth rather than immediate profit during a turbulent time for the fintech industry, after nearly doubling annual revenue while widening losses. 

Monzo is still hiring and aims to build out its buy now, pay later service while looking to expand in the US, Chief Executive Officer TS Anil said in an interview. The London-based firm reported revenue up 92% to £154.2 million in the year through February, while net losses before onetime charges such as last year’s staff stock options rose 2% to £119 million.