Digital bank Monzo has more than doubled its pre-tax losses in the last year, according to the company’s annual report for 2019-2020, which was published on Thursday.
The fintech saw losses grow to £115.4 million; 2 times the previous year, where it logged pre-tax losses of £50.7 million.
AdvertisementIn terms of revenue, Monzo brought in £67.2m, a jump from 2018 when it brought in £19.7m.
Monzo has also ramped up its lending efforts, lending out £124.7m last year, having only lent out £19m the previous year.
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In 2017, U.S. healthcare startups were the strongest industry, bringing in $36.3 billion in revenue along with Inc. 5000 companies.
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