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Losses at Monzo rose to £113.8m from £47.1m in its latest annual report as it said coronavirus disruption had threatened its ability to operate and that "the ability of the Group to continue as a going concern is subject to material uncertainties" following the pandemic. Monzo's revenues rose to £67.2m from £19.7m in the 12-month period to February.
The start-up's latest annual report comes after the company’s valuation dropped from more than £2bn to around £1.25bn in a June funding round which saw the company raise £60m from investors including Swiss fund Reference Capital and Vanderbilt University. The start-up made up to 80 of its employees in London redundant this year and also offered to furlough 295 employees. Monzo said in the report that "we're working hard to avoid further redundancies." Industry experts have warned of a particularly difficult period for many financial technology businesses which have had to scale back ambitious growth plans during the pandemic.
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