Focused fintech tailwinds should bring profitability
Focused fintech tailwinds should bring profitability.
For the second time this week, we can take time to celebrate some good news in the lending space, as?Monzo?reported monthly profitability for the first time.
CNBC reported, "In its annual report for the year ending February 2023, Monzo reported net operating income of ￡214.5 million ($266.1 million), almost doubling year-over-year from ￡114 million."
We've recently been able to celebrate earnings and growth from several LatAm fintechs, and now we're seeing some solid reporting from across the pond.
As these trends tend to flow, we'll see a shift to the U.S. soon enough (notwithstanding the?micro economy?that Taylor Swift has already generated through her Eras tour), so this news bodes very well for the end of this year and into 2024.
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By Ryan Browne???Monzo's bump in revenues was driven by a spike in lending activity, with net interest income increasing 382% to ?￡164.2 million.
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Loan servicing, which makes up 90% of the life of a loan, has yet to see significant personalization.
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