Monese losses jump back to 2020 levels in latest results
Monese also saw its revenue soar in 2022 but swelling costs made profitability more elusive
Monese has seen its annual loss increase to £30.5m for 2022, up from £16.8m in 2021.
Reporting its results for 2022, Monese also noted that "additional losses are anticipated with further growth in the business" and that it will need to access fresh funding to support these anticipated future losses
In additon, and as a consequence, it said there is a going concern status for the company given "material uncertainty on the success of raising future fundraising.
Monese's widening loss, which comes in very close to its 2020 results when it posted a £31.1m loss, is a blow for the company which is also seeing revenue grow strongly.
In 2022, its revenue jumped 57.7 per cent to £27.7m (compared to 2021's £17.6m), growing as a result of growth in its active customer numbers, primarily in the UK.
The growth, Monese says, came as a result of growth in its active customer numbers, primarily in the UK.
However, direct costs increased sharply for the year to £26.8m, a 55.8 per cent increase from 2021's £17.2m as a result of customer acquisition costs.
Its administrative expenses also increased to £31.3m ( up from £18.5m in 2021) as Monese made major investments into its platform technology, including the re-launch of its B2B arm XYB.
Its headcount averaged 349 employees during the year 2022, down from a 2021 peak of 397 after it, like many fintechs, made a series of layoffs to shore up its finances.