ENDEXP END EXP ENDEXP Monzo Bank Limited Annual Report And .
EXEN PDMonzo Bank LimitedAnnual Report and GroupFinancial Statements28 February 2019EXEN PDRegistered number: 09446231Registered office: 38 Finsbury Square London EC2A 1PXEXEN PDEXEN PD
What’s in this report?Strategic report3Who we are and why we’re here4Our history and highlights5Our team7Chair’s review9Chief Executive’s review10Business model and strategy12A review of our performance13Our approach to people17Our community22Governance at Monzo23Strong risk management is at the heart of everything we do26Group Directors’ report31Statement of Directors’ responsibilities35Independent auditors’ report37Statement of comprehensive income47Statement of financial position49Statement of changes in equity51Statement of cash flows53Notes to the financial statements55Monzo Bank Limited Group Annual Report 20192
StrategicReportMonzo Bank Limited Group Annual Report 20193
Who we are andwhy we’re hereWe’re Monzo, a bank that lives on your phone. Fortoo long, banking has been harder than it needs tobe. By solving your problems, treating you fairly andbeing totally transparent, we believe we can makebanking better.Traditional banking isn’t built for the way we usemoney as part of our everyday lives with friends andfamily. So we’ve made it our mission to make moneywork for everyone. Managing your money should beeffortless, not complicated or stressful.We want to make sure you get the most out ofyour money, whether that’s switching to a betterenergy deal, earning cashback or rewards, or findingaffordable ways to borrow. And with the help of ouramazing community who suggest features, givefeedback and help us test the app, we can build thekind of bank you want to use, together.Already, more than two million people have our hotcoral cards to manage their money and spend aroundthe world. Our goal is to bring Monzo to one billionpeople and beyond. But it’s not just about how manypeople have Monzo, it’s also about who’s using it.Almost a quarter of the world’s population don’t haveaccess to vital banking services. We want to help thefinancially excluded access bank accounts, as well assupporting vulnerable customers and developing anempathetic approach to debt management. Throughclear communications and educational content we’lldo our part to improve financial literacy and helpeveryone better understand their money.Monzo makes moneywork for everyoneOnly those quantitative measures highlighted in the Strategic Report that are directly referable to the auditedprimary financial statements or the notes to those financial statements (see pages 47 to 92) or explicitly annotated as“audited” have been audited. All other measures noted are unaudited.Monzo Bank Limited Group Annual Report 20194
History2015Our CEO Tom sets out our mission in a blog post on01 June 2015:“Mondo is a new challenger bank in the UK,focused on making your financial life easier, ratherthan trying to catch you out with penalty fees andcharges. We’re building a current account thatlives on your smartphone and gives you control ofyour money”We started out with a prepaid account and around5,000 Alpha cards.2017The big one: we got our full UK banking license.Another crowdfund, aiming for 2.5 million In theend, 41,267 people pledged more than 12 million.We started rolling out our very first full currentaccounts to early testers.2016We released the Mondo public beta app.We ran the fastest crowdfund in history: peoplepledged 1 million in just 96 seconds.We changed our name! Around 10,000 Mondocustomers suggested new names, with the onlycriteria being it needed to start with M and webecame Monzo.2018We finished upgrading everyone from prepaidto full UK current accounts, and 94% of activeaccounts moved.We announced a new round of investment of 85 million.2019Crowdfunding time again – we raised 20 millionin record time.We launched a small test of business accounts to100 sole traders and limited companies.Two million people have Monzo to spend andmanage their money!We launched our first TV ads.We announced our latest investment round of 113 million.We announced our plans to launch a prepaidcard product in the US, in collaboration with apartner bank.Monzo Bank Limited Group Annual Report 20195
1.01m new customersin the yearCustomer depositsincreased by 390.5m in the year Feb 2018590kFeb 20191.6m413 new employeesin the year across3 officesFeb 2018 71.3m Feb 2019 461.8m859,394 conversationsresolved, from466,078 unique usersWe saw our NPSscore increaseFeb 2018300 peopleFeb 2019713 peopleMonzo Bank Limited Group Annual Report 2019Feb 2018NPS 70Feb 2019NPS 806
Our teamBoard of DirectorsGary HoffmanChairTim BrookeSenior Independent DirectorAmy KirkIndependent Non-ExecutiveDirectorKeith WoollardIndependent Non-ExecutiveDirectorMiles GrimshawInvestor Non-Executive DirectorEileen BurbidgeInvestor Non-Executive DirectorTom BlomfieldChief Executive Officer –Executive DirectorAlwyn JonesChief Financial Officer –Executive DirectorSusan AdamsCompany SecretaryMonzo Bank Limited Group Annual Report 20197
Our teamExecutive Management TeamTom BlomfieldChief Executive Officer –Executive DirectorLibby TownsendChief People OfficerAlwyn JonesChief Financial Officer –Executive DirectorPaul RipponDeputy Chief Executive OfficerMeri WilliamsChief Technology OfficerTim TrailorChief Credit OfficerDean NashChief Legal OfficerTom Foster–CarterChief Operating OfficerJonas TemplesteinCo-founderWe are currently recruiting for the permanent Chief Risk Officer positionMonzo Bank Limited Group Annual Report 20198
Chief Executive’s reviewRemarking on how much has changed seems to have become somethingof a habit in Monzo annual reports. In that sense, the last 12 months havebeen no different – the pace of change remains staggering.We’ve just passed 2 million total users, and we’re adding more than200,000 new accounts every month, helped by a successful TV adcampaign. A year ago, we added 60,000 a month. Net Promoter Scoreremains steadily at about 80, and we’ve won multiple awards for ourcustomer service.Tom BlomfieldChief Executive Officer –Executive DirectorWe’ve grown revenue considerably: we’ve just crossed 40m of annualrun-rate revenue (based on May 2019 revenue), but there’s still plentyof work to do to get to profitability. Around 30% of active users depositat least 1,000 per month (our definition of ‘salaried’), up from 13% ayear ago.Per-user contribution margin (revenue minus variable costs includingexpected credit losses) is a key metric that we’ve worked to improve overthe last couple of years. It tells you whether each active customer usingMonzo generates more incremental revenue than they create in cost.Annual per-customer contribution margin is now 4 as at May 2019, upfrom - 15 a year ago, and - 65 in 2017. The longer customers are with us,the more profitable they become, and salaried users contribute 30 –mainly driven by the money we make when people use their Monzo cards.Hitting short-term financial metrics is important, but value is created overthe long-term. We’re gaining customers faster than any other UK bank,at a cost that’s an order of magnitude cheaper. Our total cost to run anaccount is also an order of magnitude cheaper than high-street banks.Engagement, retention and customer service remain industry-leading. Westill need to make more revenue to become profitable as a business, butwe’re showing good progress on that front.I’m glad to say that we have a Board of Directors and a set of shareholderswho are aligned with that long-term approach. We’ve added more than 200m of additional capital in the last 12 months from world-classinvestors, along with 36,000 customer crowd investors. That money will gotowards sustaining our growth, building new revenue-generating featuresand helping us expand outside of the UK – our next stop is the UnitedStates, where we’re launching with a partner bank similar to how westarted in the UK.As we grow, we need to make sure we have strong governance, riskmanagement and compliance in place. As a regulated bank, it’s crucialthat we’re in control of the risks we face, otherwise we risk losing the trustof our customers. This is an objective we don’t take lightly. In the last 12months, we’ve added 4 new C-level executives and a new Chair of ourBoard. Our control functions (Risk, Compliance, Financial Crime, Financeand Legal) will grow to more than 200 people by the end of the year.Monzo Bank Limited Group Annual Report 201910
Business modeland strategyHere’s where we’re focused heading into FY2020.Good governance has to be the backbone of MonzoOur mission is to make money work for everyone, andwe recognise that to achieve this we must invest instrong governance that will let us sustainably growinto the future. We’ve evolved our senior managementteam to bring in experienced leaders who can leadMonzo to growth, whilst also focusing on developingand embedding our risk assessment and controls.Cross-functional teams build better thingsWe believe that getting the right people with the rightmix of skills together on a project helps us createbetter features for our customers. A typical Monzoproduct team will feature engineers, designers,data analysts, product marketers, writers and userresearchers working together to solve problems.Organic and paid growth work togetherWe’ve enjoyed sustained organic user growth to datewhich has shown the strength of our brand, making upthe majority of new customers in FY2019. We expectthis to continue, but we’re also increasing focuson paid marketing to open us up to new potentialcustomers as only around 43% of the UK market areaware of Monzo.We launch fast, get feedback, and improveWe believe the most effective way to create somethingsuccessful is to launch it, get feedback and iterate fast.This is how we started with our prepaid card, gettinglots of knowledge and feedback, which we’ve appliedto our current account. This lets us quickly react wherewe need to make improvements and not over-invest insomething that doesn’t work from either a customer,governance or regulatory perspective.We’re focusing on growing revenueFair, flexible lending – We believe our approach tolending is fair and transparent. We let customersstay in control and offer support to those in financialdifficulty. Our plan is to offer mainstream lendingproducts like overdrafts and loans with a mid-marketpricing strategy, and without penalty charges wherethey’re not necessary. We want to compete oncustomer experience and ease of use, rather than bybeing the cheapest provider.The best deals in one place – We also want to be thecentre of our customers’ financial lives. This will bea key differentiator for Monzo and a primary exampleof how we can help money work for everyone. Wewant to bring people offers, products and servicesthrough Monzo that mean managing their money andmaking the most of it is a breeze. That’s kicked off withenergy switching and savings, and there’s plenty moreto come.Also, a growing number of people in the UK havemore than one bank account, meaning people areincreasingly open to banking with Monzo alongsideother banks. We’ve planned carefully internally to makesure we’re effective at welcoming, onboarding andmanaging the inflow of new customers.Monzo Bank Limited Group Annual Report 201912
A review of our performanceKey Performance IndicatorsSome of the key metrics our Board and seniormanagement use to measure our performanceagainst our strategy are shown below.1,600,000590,000Feb 2018Feb 2019Number of customers 1,010,000 change 19.2m 461.8m196%126% 71.3m 0.2mCustomer depositsLendingCET 1 Ratio [1] 390.5m change 19.0m change-70 change- 30 2Contribution margin 32 change 80 70Net Promoter Score (NPS) 10 changeThe ratio of our core equity capital (share capital and share premium less our losses to date) to our risk-weightedassets (weighted according to their Credit, Market and Operational risk).[1]Monzo Bank Limited Group Annual Report 201913
Our business review:our non-financial performanceMore and more customers are enjoying MonzoIn September 2018 we welcomed our 1 millionthcustomer. By the end of our financial year we’d reached1.6 million customers, and now more than 2 millionpeople have Monzo to spend and manage their money.We’re helping customers borrow fairlyWe’re bringing transparency and clarity to loans andoverdrafts, addressing the problems people typicallyface when they borrow (hidden fees, inflexiblepayments and complicated paperwork, to name a few).We’ve started small with lower value loans, and we’regradually rolling out more options to more customerswith plenty of feedback along the way.We’re testing business bankingWe’ve launched lots of new features and productsIn 2017 we launched current accounts and becamea fully fledged bank, with 94% of our customerstransferring from the prepaid card when the programended in April 2018. Soon after, we released ‘The BigList,’ which showed all of the basic but essentialfeatures people told us they needed to make Monzotheir everyday account. We’ve worked our way throughthis list and added plenty more features alongside.It’s now easier for people to manage their moneywith joint accounts, quick bill splitting, seeing theircommitted spending (upcoming Direct Debits andstanding orders), and paying or requesting money in afew taps with ‘Nearby Friends.’We’ve also teamed up with other companies to helpour customers manage their money in the best way forthem. Our customers can now:We know that the needs of small or medium sizedbusinesses are very different, but traditionally bankshave put them all in one category. We’ve startedtesting business banking with a small number ofbusinesses and we want to offer features that actuallyhelp them to achieve their goals.We’ve hired more than 400 people to keepbuilding MonzoOur team of Monzonauts are based in offices inLondon, Cardiff and Las Vegas. And we have a growingnumber of people working remotely around the world.Our customer service is award winningOur growing team gives fast, friendly support whichhas won a number of awards for customer service, andmaintains a Net Promoter Score of around 80. Deposit cash at any PayPoint location across the UK Earn interest on their savings pots with Investec(and we’ve recently launched ISAs and savings potswith Oaknorth and Shawbrook) Transfer money overseas with TransferWiseCommunity is still at the heart of everything we do Spend using Google Pay and Apple Pay See digital receipts and get rewards with Flux Automate their finances with IFTTT (to automatethings like saving money and filing expenses)We continue to engage with our customers regularlythrough our blog, community forum and monthly openoffice events. And we were blown away by the supportwe received during our latest crowdfunding round. Switch energy providers to get a better and greenerdeal (we’ve teamed up with Octopus Energy andOVO, but we want to add more options in the future) Add extra features like travel insurance with MonzoPlusMonzo Bank Limited Group Annual Report 201914
Our work is being recognisedOur financial reviewWe’ve won a bunch of awards which reflect the workwe’ve been doing over the past year.Profit and loss – our income and expenses for the yearMoney Saving Expert 2019number 1 in the customer services pollBritish Banking Awards 2019winner of Best Banking AppLinkedIn Top Startups 2018number 1 most sought-after startup in the UKKPMG Fintech100 2018in the ‘Top 50’ most innovative Fintechcompanies globallyTech Nation Future Fifty 2019one of the UK’s most successful digitalbusinessesThe loss for the year after tax was 47.2mThe loss for the year after taxation was 47.2m(compared to a loss of 30.5m in 2018). This reflectsthe significant investment we’ve put into building moreproducts and features that:1.Scale to meet the needs of our customers2.Generate revenue for MonzoOur contribution margin is positiveFrom September 2017 to February 2018 we cut the costto run each account from 65 to 30. In November lastyear, we reached a positive contribution margin and byyear end we hit plus 2.This means that on average every active customer whouses Monzo makes us more revenue than the variablecosts for us to run their account. We’ll continuegrowing this as we release more new products, andincrease the benefits of scale on our costs, in order toachieve overall profitability.We’ve grown our interest income fromdeposits and lendingWe’ve grown our net interest income to 4.9m, up from 0.2m in 2018. This is because we’ve increased theamount of money we hold that’s earning interest atcentral banks, and increased the number of customersusing overdrafts. We’ve also earned interest on asmall number of loans to customers, which we beganoffering in late 2018; this is set to grow as we expandour loan offering to a larger set of customers.Monzo Bank Limited Group Annual Report 201915
Customers are spending more with MonzoOur net fee and commission income grew to 6.6m(from 1.4m in 2018) due to more ATM fees earntabroad and interchange income on point-of-saletransactions. This reflects the huge increase inspending through Monzo, with 4bn spent bycustomers in the last year.Our partnership income also grew from customerssending money abroad and using savings pots. We’rebusy testing more partnerships to help customerstake control of their finances and earn more revenuefor Monzo.We’ve invested in hiring great peopleOur people costs rose to 25.7m (from 9.2m in 2018)because we’ve invested heavily in hiring people tobuild the bank of the future. At the end of the year wehad 713 people working at Monzo, up from 300 in 2018.And an average of 437 people for the year, up from 183people in 2018.We’re lending more to customersWe grew our lending book from 0.2m in 2018 to 19.2m in 2019. This was mostly due to overdrafts, butwe also offered loans to a small number of customers.We set our credit risk appetite at Board level andmonitor our exposure on an ongoing basis. Thisinvolves calculating and recording the expected creditloss against our customer overdrafts and deposits. Ourtotal Expected Credit Loss on lending for 2019 was 3.1m, reflecting the growth in our lending book.We’ve taken a prudent approach to liquidityOur portfolio of High Quality Liquid Assets (those thatcan be quickly and easily converted to cash) is held onovernight deposit at central banks and has grown to 510.3m, from 82.5m in 2018. We’ll keep using thisas we expand the availability of loans and advances tocustomers in the year ahead.Capital – our shareholders’ interest in the businessWe’re using our own technology to be more efficientwith operating expensesWe’ve increased our operating costs slightly from 25.4m to 33.4m, which reflects the cost savingsfrom running the current account on our owntechnology, compared with the prepaid scheme.The costs of accommodating our staff have increased,but the cost per person decreases as we fill our currentoffice space and people increasingly take advantage ofdistributed working. We’ve increased marketing spendin the year from offering existing customers incentivesto refer their friends. The rate of growth in our numberof customers will increase as a result.Balance sheet – our assets andliabilities at the end of the yearWe raised equity in the yearDuring the year, we raised 105m of equity capital,including 20m in the largest crowdfunding roundever for a tech company. After year end we also raisedanother 113m of equity capital. All this money will gotowards building the bank and launching new featuresfor our customers.Capital ratiosOur Common Equity Tier 1 (CET1) ratio, the ratio of ourcore equity capital (share capital and share premiumless our losses to date) to our risk-weighted assets(weighted according to their Credit, Market andOperational risk), was 126%. This is in excess of ourcurrent minimum capital requirements.More people are using Monzo as their main account soour customer deposits have increa
Strong risk management is at the heart of everything we do 26 Group Directors’ report 31 Statement of Directors’ responsibilities 35 Independent auditors’ report 37 Statement of comprehensive income 47 Statement of financial position 49 Statement of changes in equity 51 Statement of cash flows 53 Notes to the financial statements 55 Monzo Bank Limited Group Annual Report 2019 2 .
30 Risk management at Monzo 44 Governance at Monzo 55 Non-Financial Reporting requirements 58 Our approach to the environment 59 Our approach to people 66 Our community and social matters 69 Respect for human rights, anti-corruption and anti-bribery 71 Group Directors’ report 77 Statement of Directors’ responsibilities 79 Independent auditor’s report 91 Statement of comprehensive income .
Annual Report and Group Financial Statements. 03 Strategic report 04 Who we are and why we're here 05 Our history 06 Monzo at a glance 07 Our Board 10 Our Executive team 11 Chair's review 13 Chief Executive's review 16 Our statement on COVID-19 19 Our business model and strategy
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