WHY IS MONZO SO MUCH CHEAPER THAN REVOLUT?

Summary from the TLDR Fintech newsletter

Monzo raised $500M at a $4.5B valuation in late 2021, near the peak of fintech VC funding. Its last employee share sale last year nudged that to $5.9B. That's a 31% gain in three years, while annual revenue grew from £154M to the current £1.7B. Over the same period, competitor Revolut went from $33B in 2021 to $115B in a secondary sale this July, a 3.5x increase. That prices Revolut at roughly 19x its 2025 revenues vs. Monzo's 3x revenues.