activities, like direct deposit or student loans. Chief product officer Mike Hudack underscored Monzo's laser focus on building sustainability, telling the Guardian that "everything we do needs to make money and be sustainable as a product."
. The retooled version of Monzo Plus, for example, deemphasized travel benefits that consumers would be unlikely to utilize amid the pandemic. That appears to be paying off, with the neobank reporting new Monzo Plus active users in the first month of relaunching, but it will need to sustain that momentum in order to significantly impact its bottom line, as a £5 monthly fee at 50,000 users barely dents its latest annual loss of £113.8 million .
Priced three times higher than Plus, Monzo Premium could make a bigger impact—though that hinges on customers' willingness to shell out the money. Hudack remains confident despite the current economic downturn that "if you build something that's really powerful that people love and they want to keep, you make money from that." But given their massive losses, it will likely take more than paid subscription accounts for neobanks to become profitable.
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