UK digital bank, Monzo, targets growth over profits during turmoil in the FinTech industry
In brief:
- The digital bank is focusing on growth over quick profits, continuing to hire with a 40% increase in staff over the past year
- Monzo is aiming at building out its Buy-Now-Pay-Later offering and plans to expand to the US
- The London-based firm reported revenue up 92% to £154.2 million in the year through February
What does this mean:
According to CEO, TS Anil, the company is on track to reach profitability and has continued growing since February. Anil said “We’re building a responsibility, investing smartly, not trying to just burn large numbers of dollars on marketing, acquiring customers,”.
