The boss of UK savings and investment app Moneybox today hailed the startup's “milestone” year and said that the fintech will be profitable for the full year 2023 and beyond.
Hitting profitability has been a big trend in fintech in recent years, with investors no longer convinced by startups' growth-at-all-costs mentality and instead wanting to see their balance sheets swinging into the black.
Moneybox co-founder and Co-CEO Charlie Mortimer said the fintech would be profitable for the full year 2023 and into the future.
Figures posted at Companies House show the London-headquartered Moneybox made pre-tax losses of £4.1 million in the year ending May 2023, compared to £15.1 million pre-tax losses the year previous.
Mortimer said losses fell due to increased revenues, combined with a “well-managed” cost base, adding:
“Moneybox will be full-year profitable for the calendar year 2023 and we expect this to continue.”
Revenues in the year ending May 2023 came in at £28.7 million, compared to £10.1 million the year previous.
The figures also show that group employee numbers were up from 267 to 321 at Moneybox, with an uplift in customer service employees.
Last month, Moneybox, whose co-CEO is Ben Stanway and which has raised more than £100 million to date, revealed that it now has over £5 billion in assets under administration, up 43 percent on the year, and now has more than one million customers.
Set up in 2016, Moneybox says that through providing Lifetime ISAs, it has supported more than half a million aspiring first-time buyers to save their first home deposits.
Moneybox is backed by Oxford Captial, Eight Roads Ventures, and Breega amongst others.
Lead image: Moneybox co-founders Ben Stanway and Charlie Mortimer (left to right). Photo: Uncredited.