Monzo is looking to relaunch premium services to drive profitability.
In Brief:
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Monzo will hire up to 500 people this year and forecasts 5.5mn new users.
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This follows a launch in the US and a recent valuation of £2bn.
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The news has been reported by Reuters following a conversation with CEO Tom Blomfield.
What does this mean?
The business is yet to turn a profit despite high valuation. It launched a premium, paid for product in September 2019 but this was later cancelled. Now the FinTech giant will implement lessons learned and Blomfield says the premium offering is set to launch in Q1 this year.
