The CEO of Monzo, Tom Blomfield, has warned that losses at the digital bank this year will continue to mount as the company embarks on an expensive advertising campaign; he described this campaign, that will cost £20m, as a strategic choice and that, “Structurally we have a really strong position?.?.?.?over time we’re going to build a very successful business”; he also said that Monzo will also spend more money on both technology and staff which will also contribute to the increased losses; meanwhile total customer deposits have risen six-fold over the past year to £462m. Source.
Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.