Taylor Swift, accountancy edition 👇

Them: Data is the new oil! @Tesco: 👇

The courier lost my parcel ☹️ Ofc a little @packfleet namedrop when I replied 😏

One company that did well from Covid was Thriva. Revenue up *rubs eyes* 342% in 2021 🚀 Then revenue down 50% in 2022 🔥 (Thriva were awarded a COVID-19 antibody testing contract by UK Gov)

Me after buying a pint in London

Raising investment: Pre 2020 In 2023

It's pretty incredible that the crowdcube deck for what3words fails to mention the company burnt through almost *£37m* of operating cashflow to generate just £0.8m of revenue last year. This deck has already raised £6,249,640 from 9,535 investors 😬

All of the meeting rooms at @packfleet are named after our randomly generated tracking phrases. This one feels a bit personal 🤔

Time for Monzo's results too 🤯 https://t.co/N2L4woBL4L

Calling it there! If you want to see more on Starling Bank's results, check this thread 👇😎 https://t.co/zK2K7BSoLO

And finally, Monzo categorise their loans into Stage 1, 2 and 3. The higher the stage, the higher the risk of non-repayment. As probably expected, Monzo Flex and Overdrafts are the most risky 👀

Monzo have three main product categories - Monzo Flex (BNPL), Overdrafts and Loans.

Customer deposits are up from £4.4bn to £6bn, but still far below Starling 👀

Whilst they aren't yet profitable on an annual basis, the annual report states they were profitable in the first two months of FY2024 ✅🥳

Here's Monzo's revenue streams vs Starling, with a few small tweaks to make it comparable. Starling pulls way ahead in interest income, but Monzo has more of a balance between the three streams 🧘‍♂️

Revenue is up at £355m, again mainly due to interest income. Starling and Monzo define revenue slightly differently, so this number isn't a direct comparison to Starling 🕵️

And just like buses... 🚍 Monzo has also released their 2023 annual report 💳🎉 Quick thread 🧵

That's a wrap for this thread, but these are some pretty 💫incredible 💫 results. Fair play, Starling 😎

And finally... The total lent to customers was £4.8bn, up from £3.3bn last year. Mortgages have really taken off following the acquisitions made in the year/last year 🏡 SME lending has reduced as COVID related loans were repaid 🦠

Of course, they're still dwarfed by the big banks 🤏

Sliding over to the balance sheet now. Starling holds £10bn+ customer deposits (including SME customers). There's pretty good in comparison with their peers 📊