LONDON : 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 te
LONDON : 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.
CEO TS Anil told Reuters the bank was"some ways down the road" from reaching its ambition of going public, adding the company had not ruled out floating in New York rather than London, amid growing concerns about tech firms snubbing London. "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 per cent to 6 billion pounds.
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