<p>Monzo Bank Limited (formerly Focus FS Limited)
Report and Financial Statements
28 February 2017
Registered number: 09446231
Chief Executive’s review
Statement of directors’ responsibilities
Independent auditors’ report
Statement of comprehensive income
Statement of ﬁnancial position
Statement of changes in equity
Statement of cashﬂows
Notes to the ﬁnancial statements
Annual Report 2017
The last twelve months have seen hundreds of
thousands of people sign up to Monzo as we
prepare to launch our current account.
Here we present our transparent annual report for
our crowdfunding investors, our community and our
customers, with ﬁnancial statements for the year
ending 28 February 2017.
Chief Executive's review
In February 2015, we set out to build a bank that we’d be proud to call our own. We were 12 people with zero
customers, temporarily camped out in the ofﬁces of our friends at White Bear Yard in London. We wanted to change the
way people thought about their money.
Two years later, we’re serving almost 250,000 customers across the UK and people write to us everyday letting us know
how we’ve helped give them back control of their ﬁnances.
In time, we want Monzo to be a bank that improves the lives of a billion people around the world.
We have had a fantastic year - our prepaid programme has just hit 240,000 funded accounts, with more than £250m
spent in total.
The future of banking is... NOW. First day using my Monzo and
it's already changed my life @MonzoLoveTweets
2:25 PM - 2 Jun 2017
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The ﬁrst ﬁve months of 2017 in particular have been very strong. Since January, we’ve seen an average of 5% weekly
growth in customer numbers and 7% weekly growth in transaction volumes. This growth is almost entirely organic from
word-of-mouth referrals as people tell their friends and family.
In February and March, we agreed £22.5m of investment from Passion Capita