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Monzo’s losses widen due to COVID-19

August 3, 2020

It says coronavirus disruption casts “significant doubt” on its ability to continue as a going concern.

However, net losses widened as it ramped up spending on marketing, technology and staff.

The amount spent by Monzo customers also rose to £10.9 billion, up from £3.6 billion the previous year.

However, the business warned that it expects growth to slow in 2020.

“We’ve seen organic customer growth slow as word-of-mouth drops, and we’ll see reductions in revenues and higher credit losses,” co-founder Tom Blomfield writes in the report.

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