Monzo Looks to Pensions Market for Growth
(14 August 2023 - United Kingdom) UK digital bank Monzo is plotting a move into the pensions market, recruiting for a product manager to steer the bank's retirement proposition.
The new recruit will join Monzo's savings and investment team, a new unit that is guiding the bank's push into the more lucrative wealth management market.
Despite posting a loss of £116 million for FY23, Monzo in May reported 2.3x growth in revenue and said it had moved into profitability for the first time in the first two months of the new financial year. The bank is exploring its options to push the dial on profitability and for expansion across Europe through a possible combination with a neobank with an established market share - Nordic bank Lunar has reportedly been floated as one prospect.