Loss levels are broadly equivalent to those suffered last year, although revenue is now double that of the initial slump in April 2020, and 30% higher than pre-lockdown levels. For 2021 revenue increased by £12 million to £79 million.

The company currently reports 200,000 paid subscribers to its premium accounts and added one million new customers over the year. Deposits are up 124%, increasing from £1.4 billion to £3.1 billion.

Yet uncertainties remain. In a directors statement, the group says: "We have losses today and expect to have more in the short term. Which is why we plan to raise the capital we need to support the business and meet our capital requirements in FY2022. There is a risk we can’t raise enough capital, on acceptable terms, when we plan to."

The statement was recognised in the audit report: "These conditions indicate that a material uncertainty exists that may cast significant doubt on the group’s ability to continue as a going concern for a period of twelve months from when the financial statements are authorised for issue. Our opinion is not modified in respect of this matter."

There may be more trouble brewing over regulatory failings, as Monzo reveals that the Financial Conduct Authority in May started an investigation into its compliance with money laundering rules.

This includes "potential breaches of some of the FCA Principles for Businesses and related FCA rules for anti-money laundering and financial crime systems and controls between 1 October 2018 to 30 April 2021"

Monzo says the investigation is looking into both potential civil and criminal liability.

"We’re cooperating with the FCA’s investigation, which is at an early stage," the firm states.