London Brief #33: Monzo burns money on pre-paid cards

Radek Zaleski
Jul 10, 2017 · 2 min read

Intercom opens an office in London, and we are still living in the Europe’s Tech Hub… Read more in this issue.

People

Tom Blomfield, CEO of Monzo, an app-only bank has just published a financial report for the year ending on Feb 2017. The company has lost almost £8m on its pre-paid card service. The company grows fast, but will it ever become profitable?

Darragh Curran has announced that Intercom, the company backed by Zuckerberg’s secretive Iconiq Capital, is opening an R&D centre in London, to initially focus on Intercom’s Educate product.

In the news

Google has trouble with the EU and UK regulators. The EU has fined Google for breaching antitrust regulations by pushing its own services to the top of the search results. UK’s ICO is not happy with the NHS sharing data with Google’s DeepMind.

London, in spite of the burden of Brexit and terrorism, is still leading European tech investments. According to figures published by London & Partners, the Mayor of London’s promotional agency, venture capital firms pumped more than £1.1bn into the city’s technology sector over the past six months.

Business as usual

Number of the day

£2.14bn is how much Google has been fined for breaking the EU’s anti-trust regulations.

Idea

London Brief is a weekly selection of essential information about startups, technology and the business scene in London. Got news? Give us a shout at londonbrief@netguru.co.

Radek Zaleski

On behalf of the London Brief Team

Brief about business, London’s tech scene and startup ecosystem.

Radek Zaleski

Written by

London Brief
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