Though other fintechs – such as iwoca and Seedrs – also included the phrase in their filings. The bank published its annual results late on Thursday, showing losses continue to grow and warning that there was “material” uncertainty about whether the bank will survive the current crisis. 1st June 2020 | Oliver Smith. Optimize your working capital. Financial results: FY 2019. This year, it reported an annual post-tax loss of £113.8 million, up from its loss of £47.1 million last year. This is despite the fact that more than four million people now have a Monzo account, with Current Account Switch Service (CASS) figures showing it had the highest net switching gains of any other UK bank in that year. Photo: Monzo. Recording Conference call The configuration of your firewall may prevent you from listening. During 2020 Monzo cut staff, shut its Las Vegas office after a highly publicised push to the US, and scrambled to raise emergency funds. 26th May 2020 | Aisling Finn . 19th May 2020 | Oliver Smith. At Monzo, similarly, revenue is up and customers have nearly doubled their deposits with the bank. Results presentation: H1 2020. Monzo reported a loss of £113.8 million ($149.5 million) in its 2020 fiscal accounts, up from the £47.1 million loss in 2019. This report will explore companies Monzo and Revolut, and will conduct a joint PESTEL analysis and individual SWOT analysis of both companies. If Monzo and Revolut’s annual results have shown one thing this week, it is the importance for it, and the other challenger banks, to develop more lucrative revenue streams. 5 things to look out for in Monzo's 2020 annual report. Annual Reports 2020. Transcript of Q3 2019 results call. The bank has been freezing and closing certain accounts in recent months in order to comply with anti-money laundering regulations, provoking anger among some customers. Pillar 3 Disclosure: 2019 . Reasons for this increased lost are placed on the bank’s expansion efforts, which saw it enter the US, hire more staff and increase marketing, the article said. 2019. Monzo’s latest report shows that it was required to raise its capital to 13.65pc of its risk-weighted assets, up from 8.5pc. 9th Dec 2020 Report Reference this Tags: SWOT PESTEL Finance Banking. Trading announcement: Q3 2019. At Revolut, revenue is up but losses have tripled. The UK-based digital challenger bank’s annual losses surge to 113.8 million pounds ($149.5 million). 2019. Corporates Overview. In total, Monzo users made £45million in charity donations between the start of the first coronavirus lockdown on 23 March and the end of 2020, the bank's data found. Yet, still, losses have doubled to £115m. Skip navigation Go to 2020 Go to 2019 Go to 2018 Go to 2017 Go to 2016 Go to 2015 Go to 2014 - 2010 Go to 2009 - 2005 Go to 2004 - 2000 Go to 1999 - 1997. Q3 2019. Back in July 2020, fellow UK neobank Monzo included a similar “material uncertainty” warning in its accounts. She calls Facebook’s chief operating officer, Sheryl Sandberg, a friend and informal adviser, and works alongside partner, Alison Rapaport, who carries five-year’s experience from JP Morgan’s asset-management group. It came as Monzo announced a loss of £113.8m ($149.5m) for the 12 months to 29 February 2020, a huge jump on last year’s loss of £47.1m. Originally operating through a mobile app and a prepaid debit card, in April 2017 its UK banking licence restrictions were lifted, enabling it to offer a full current account. In its latest annual report, Monzo said uncertainty created by coronavirus “cast significant doubt” on its ability to continue. Read the full letter. 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