Monzo reported an annual post-tax loss of £113.8 million in its 2020 accounts, up from the £47.1 million it lost last year.
The challenger bank recently relaunched a premium account called Monzo Plus in a bid to diversify its revenue streams.British digital bank Monzo said Thursday that its annual losses more than doubled and warned its ability to continue operating had become more uncertain due to the coronavirus pandemic.
In a sign of the toll the crisis has taken on some start-ups, Monzo said the disruption resulting from Covid-19 has led to "significant doubt" about its ability to continue "as a going concern." "This may result in lower forecasted customer numbers and revenues, along with increased costs associated with correcting areas of concern. This increases the risk that the Group will not be able to execute its business plan, which could adversely impact its ability to generate a profit or raise sufficient capital to meet future regulatory capital requirements."
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