UK Neobank Monzo Attains First-Time Monthly Profitability Following Lending Surge
Monzo hit profitability after its lending volume for the period ending February 2023 ballooned to £759.7 million.
Monzo hit profitability after its lending volume for the period ending February 2023 ballooned to £759.7 million.
One of the possible reasons cited has been the consistent loss made by Monzo in the past few years, despite having been in existence for six years.
The deal between Starling and Goldman Sachs has been said to be pending regulatory approval.
Besides its base annual interest rates given to American savers, Europe’s fifth most valuable fintech Revolut has awarded the savers additional bonus.
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Monzo CEO Tom Blomfield believes that big traditional banks are killing the changes that ambitious companies are trying to bring to the fintech industry.
Venture capital and private equity investment into the fintech sector of London and the UK in general has risen 38% year on year and reached $4.9 billion.