The CEO of Monzo, Tom Blomfield, has warned that losses at the digital bank this year will continue to mount as the company embarks on an expensive advertising campaign; he described this campaign, that will cost £20m, as a strategic choice and that, “Structurally we have a really strong position?.?.?.?over time we’re going to build a very successful business”; he also said that Monzo will also spend more money on both technology and staff which will also contribute to the increased losses; meanwhile total customer deposits have risen six-fold over the past year to £462m. Source.
