Great news from Monzo Bank on your first full year of profitability with growth in all areas of the business and the trust and loyalty you've built among your customers. #CapitalGfamilyGene Frantz
WE’VE PUBLISHED OUR FY2024 ANNUAL REPORT 🎉
🚀 We recorded our first full year of profitability, achieving a pre-tax profit of £15.4m. A mega milestone on our mission to make money work for everyone!
📈 Revenue increased 2.5x to £880m thanks to growth across all areas of the business.
👥 Our total number of customers increased 31% to 9.7m and we’re the UK’s 7th largest bank.
💰 Customer deposits grew 88% to £11.2bn, and card spend increased 42% to £47.8bn.
🏆 Customers voted us #1 bank for Overall Service Quality according to an independent survey that the Competition and Markets Authority asks Ipsos Mori to carry out each year in Great Britain.
💪 We closed the sector’s largest European capital raise of the past year, raising close to £500m in new investment in a round led by Alphabet’s independent growth fund CapitalG.
It’s been a brilliant year and we’re so thankful for your support along the way – we can’t wait for what’s next!
https://lnkd.in/exubAMr6
WE’VE PUBLISHED OUR FY2024 ANNUAL REPORT 🎉
🚀 We recorded our first full year of profitability, achieving a pre-tax profit of £15.4m. A mega milestone on our mission to make money work for everyone!
📈 Revenue increased 2.5x to £880m thanks to growth across all areas of the business.
👥 Our total number of customers increased 31% to 9.7m and we’re the UK’s 7th largest bank.
💰 Customer deposits grew 88% to £11.2bn, and card spend increased 42% to £47.8bn.
🏆 Customers voted us #1 bank for Overall Service Quality according to an independent survey that the Competition and Markets Authority asks Ipsos Mori to carry out each year in Great Britain.
💪 We closed the sector’s largest European capital raise of the past year, raising close to £500m in new investment in a round led by Alphabet’s independent growth fund CapitalG.
It’s been a brilliant year and we’re so thankful for your support along the way – we can’t wait for what’s next!
https://lnkd.in/exubAMr6
WE’VE PUBLISHED OUR FY2024 ANNUAL REPORT 🎉
🚀 We recorded our first full year of profitability, achieving a pre-tax profit of £15.4m. A mega milestone on our mission to make money work for everyone!
📈 Revenue increased 2.5x to £880m thanks to growth across all areas of the business.
👥 Our total number of customers increased 31% to 9.7m and we’re the UK’s 7th largest bank.
💰 Customer deposits grew 88% to £11.2bn, and card spend increased 42% to £47.8bn.
🏆 Customers voted us #1 bank for Overall Service Quality according to an independent survey that the Competition and Markets Authority asks Ipsos Mori to carry out each year in Great Britain.
💪 We closed the sector’s largest European capital raise of the past year, raising close to £500m in new investment in a round led by Alphabet’s independent growth fund CapitalG.
It’s been a brilliant year and we’re so thankful for your support along the way – we can’t wait for what’s next!
https://lnkd.in/exubAMr6
Monzo achieved its first full year of profitability in FY2024!
Simply put, Monzo is a UK digital challenger bank that operates entirely through an app on your phone.
I have been a big fan of Monzo since Tom Blomfield's (Founder) episode on "The Diary of a CEO" with Steve Bartlett.
At a glance, below are some of the key takeaways from the 2024 annual report:
🤝 Customer Growth: Grown to 9.3 million personal customers and 420k business customers. New Products such as Instant Access Savings were a huge hit adopted by over 1.3m customers depositing £5.4bn in FY24.
💷Hit Profitability of £15.4b: 2.4x net revenue growth compared to only 1.5x increase in operating expenses.
📈Revenue growth: driven by interest income, from growing their lending portfolio and the success of popular products (i.e. Instant Access Savings Pot) which increased customer deposits by c.88%. ARPU increased by c.24% in FY24.
💪 Robust Balance Sheet: Total Assets almost doubled, along with Liabilities as new customers were onboarded. Adequate liquidity with low debt liability of c.£15m and raised close to £500m in new investment round.
Overall, Monzo's has managed to acquire/retain customers by rolling out customer-centric products/features, whilst keeping customer acquisition costs low. However, there is still room for Monzo to grow as Revolut (key competitor), has over 26m customers across 35 markets as of Dec-23.
WE’VE PUBLISHED OUR FY2024 ANNUAL REPORT 🎉
🚀 We recorded our first full year of profitability, achieving a pre-tax profit of £15.4m. A mega milestone on our mission to make money work for everyone!
📈 Revenue increased 2.5x to £880m thanks to growth across all areas of the business.
👥 Our total number of customers increased 31% to 9.7m and we’re the UK’s 7th largest bank.
💰 Customer deposits grew 88% to £11.2bn, and card spend increased 42% to £47.8bn.
🏆 Customers voted us #1 bank for Overall Service Quality according to an independent survey that the Competition and Markets Authority asks Ipsos Mori to carry out each year in Great Britain.
💪 We closed the sector’s largest European capital raise of the past year, raising close to £500m in new investment in a round led by Alphabet’s independent growth fund CapitalG.
It’s been a brilliant year and we’re so thankful for your support along the way – we can’t wait for what’s next!
https://lnkd.in/exubAMr6
Cross-border payments are topic of the minute. Whether you’re a consumer (perhaps an expat like me) or perhaps you’re in the business of payments, the one thing we all can agree on is that Cross-border payments need to be easier. It’s the ‘how’ that’s challenging the industry.
I can’t wait to hear Bianca Bates views on the topic with an AU/NZ lens. To listen in, register below 👇
#jpmorgan#payments#crossborderpayments#australia
Join Bianca Bates, Head of Payments for Australia and New Zealand at J.P. Morgan, for an insightful webinar with industry leaders on some of the complexities and trends shaping the current cross-border payments landscape. http://spr.ly/6046eCJ5m
One key takeaway from ACI’s 2024 Prime Time for Real-Time report – the U.S. real-time payments ecosystem continues to grow, but there remains significant progress to be made. The data indicates that real-time payments accounted for just 1.5% of the U.S.’ total payments volume in 2023.
With the launch of the RTP Network from The Clearing House in 2017 and the launch of the FedNow Service last July, further growth is expected as financial institutions increasingly connect with each real-time payments rail to meet increasing demand from consumers and businesses.
ACI Worldwide’s Bridget Hall spoke to The Banker about the current state and future of the U.S. payments ecosystem – you can read more here:
https://aciw.co/4c5Bwhg
P&N Group today announced its annual financial results for FY23.
Representing its two customer-owned banking brands, BCU Bank and P&N Bank, the Group ended the year with profit after tax of $19.5m.
Announcing the annual results, CEO Andrew Hadley said the Group had this year delivered strong financial results and built foundations to enhance its customer experience and operate more sustainably in the future.
“The growth of our business this year can largely be attributed to our success in delivering compelling propositions, more seamless and personalised interactions, and a standout customer experience.”
“As we look into the year ahead, the cost-of-living pressures facing most Australians will continue to be top of mind as we position our lending and deposit products as competitively as possible for all our customers.”
Visit our website to read the full announcement https://bit.ly/46fRDWz#customerowned#strongertogether
Credit Week 2024 - 17-19 June 2024
#consumerduty#borrowersinfinancialdifficulty#bifd
I am looking forward to supporting the Credit Strategy Credit Week event in June 2024. I think Felisha Weekes has moved me from Wednesday to Tuesday.
Looking forward to the update from Romana Pearson of the Financial Conduct Authority ahead of the July 2024 reporting deadline for regulated firms. Lots of agenda items on #vulnerabilitymanagement, including Chris Fitch, PhD, FRSPH. I hope we get a chance to talk about a 'tell me once' approach to data sharing and the progress of the IWG around reporting of financial vulnerability and non-financial vulnerability.
CP23/21 (Product Sales Data consultation) may have progressed so that we can discuss the sharing of 'Big Data' in 2025 at an account level and the outcome of consumer journeys.
Lots of slots on innovation. I am hoping to be part of the conversation...
Melanie GilesPeter WordsworthChris WarburtonNeil Webbhttps://lnkd.in/ecAneKRh
New Report: Heads of payments zero in on customer behavior in uncertainty debate. Get all the findings from PYMNTS Intelligence's extensive 2024 Certainty Project here: https://lnkd.in/ekDMEYMw
CEO | Board Member and Advisor | Platform Strategy and Payments Industry Expert
The 2024 Certainty Project’s latest stop was to study the heads of payments at middle market companies to find out what keeps them up at night.
Here we find a few interesting things, including how more than half of them at the smaller end of the middle market revenue bracket say they experience high levels of uncertainty. Why? Not surprisingly consumer demand – or the inability to always see around the corner. The impact of uncertainty on the business as they see it? Errors, delays and missed opportunities.
Check out the second in PYMNTS Intelligence's monthly studies of middle market C-Suite execs about the impact of uncertainty on their business. Plus a lot of charts. https://lnkd.in/e4uVnQTx
The 2024 Certainty Project’s latest stop was to study the heads of payments at middle market companies to find out what keeps them up at night.
Here we find a few interesting things, including how more than half of them at the smaller end of the middle market revenue bracket say they experience high levels of uncertainty. Why? Not surprisingly consumer demand – or the inability to always see around the corner. The impact of uncertainty on the business as they see it? Errors, delays and missed opportunities.
Check out the second in PYMNTS Intelligence's monthly studies of middle market C-Suite execs about the impact of uncertainty on their business. Plus a lot of charts. https://lnkd.in/e4uVnQTx
Cross-border payments represent a big opportunity for financial institutions.
There are many life stage moments where financial institutions have an opportunity to acquire consumers and businesses and build profitable relationships with cross-border payments. Three of these moments share a number of similarities; 17 to 18-year-olds, new immigrants and start-ups. In this article, Charles Green explores RFI Global data to uncover the why and how.
Read more here: https://lnkd.in/eZK6W9XM#Data#Payments#FinancialServices