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British neo bank Monzo’s valuation has surged to $4.5bn, an increase of more than 200% since the start of the year, as thousands of new customers helped double revenues. It marks a sharp recovery since warnings that the online bank could struggle to continue as a going concern after a bruising start to the pandemic.
The online lender, which is exploring new products such as buy-now-pay-later services and potentially cryptocurrencies, was valued at only £1.25bn in February after tumbling from $2bn in 2019 because of the pandemic. “This round comes off the back of a fantastic year for Monzo,” said chief executive TS Anil. “We’ve seen record revenues, launched new products and tools and continued to top the charts for our services. We’ve hired some incredible talent.” The online lender was hit hard last year as lockdowns caused the card transactions it relied upon to plummet, leading to a statutory net loss of £130m in 2020, an increase of 13 per cent compared with 2019.
https://www.ft.com/content/9e9bbe27-2dac-447b-a015-b2cd3bc9c868
