Leading UK digital bank Monzo released its annual report yesterday and the numbers were not pretty; the company reported that in 2019 they lost £113.8 million and the fallout from the pandemic casts “significant doubt” on their ability to continue as a going concern; Monzo has 4,4 million customers but has suffered greatly from the pandemic particularly due to travel restrictions that has reduced revenue; the company is pinning its hopes on launching “powerful new products” that generate revenue; co-founder and president Tom Blomfield said, “Our focus right now is on becoming a sustainable company that’s here for the long haul.” Finextra.
