Monzo reported revenue growth of more than 90 per cent for the latest financial year.

Across the 12-months to 28 February, the company saw a record hike in revenue from £80.5 million in 2021 to £154 million.

While pre-tax losses were £119 million, higher than the full year 2021, overall total losses narrowed nine per cent from £131 million.

The company said that during the year, 1 million people joined the bank, 90 per cent of those by word-of-mouth recommendations.

“Our strategy is working, with record revenue growth – up 92 per cent to more than £150 million by the end of financial year 2022,” said TS Anil global chief executive and executive director, Monzo. “Since year end growth has continued, with our annual run rate reaching £270 million in May 2022.”

The Monzo boss acknowledged uncertainty around the war in Ukraine and inflationary pressures, saying that while rising interest rates tend to benefit the company’s business model given its highly deposit-centric balance sheet, it needs to “remain watchful” for the impact of cost-of-living increases on its customers.

“We’re yet to see a direct impact on our customers’ deposit balances, their spending behaviour or ability to repay us, but are regularly assessing the impact on our customers and our business,” added Anil.

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