Startup bank Monzo's losses jump as it approaches quarter of a million customers

Startup app-only bank saw losses jump to almost £8 million last year as more and more people signed up to its loss-making pre-paid card service.

Monzo published its annual report for the year to February 28, 2017, late on Tuesday night.

The report shows that Monzo made a pre-tax loss of £7.9 million in the period, up from £1.6 million the year prior. Income rose from £5,000 to £140,000.

The startup says that the jump in losses is down to its rapid customer growth. Monzo has a full banking licence but currently only offers a free pre-paid card service to customers.

http://uk.businessinsider.com/monzos-2017-annual-report-losses-jump-growth-accelerates-2017-7