Monzo Lifts Referral Payouts 40% to £29.5 Million as Marketing Spend Hits £143 Million
Updated
Updated · Financial Times · May 26
Monzo Lifts Referral Payouts 40% to £29.5 Million as Marketing Spend Hits £143 Million
1 articles · Updated · Financial Times · May 26
£29.5 million went to Monzo’s “refer a friend” rewards in the year to March, nearly 40% more than a year earlier, as the digital bank pushed harder to win customers before a potential IPO.
£143 million of marketing spend—up almost half—supported that drive, which Monzo says helps build market share and deposits; analysts described the jump in referral spending as “staggering.”
3 million customers were added in the latest financial year, taking Monzo’s total to 15.2 million, while deposits rose 55% to £25.7 billion as fintechs increasingly “buy” balances through incentives.
£87.3 million of pre-tax profit, up 44%, gave Monzo room to keep spending even as salary costs climbed more than a third to £307 million and headcount rose to 4,700.
IPO planning remains in the background: Monzo held talks last year about a UK listing, but new chief executive Diana Layfield said last week the bank is not in a rush to float.
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