Key facts
- UK fintech Monovate reported a £8.3 million loss in 2025.
- The loss was exacerbated by the disposal of its European operations.
- An accounting error led to an additional £2.7 million loss in 2024, bringing the total to £9.2 million.
- Monovate received £10 million in funding from its new parent company, Exodus Movement.
- The company eliminated its £22.4 million debt by converting it into shares.
- Revenue increased by nearly 11% to £61.5 million, with over £1 billion in transactions processed.
UK fintech firm Monovate has reported a significant financial setback, posting a £8.3 million loss for 2025. This loss was primarily driven by the disposal of its European operations, UAB Monovate, which incurred a £3.5 million loss on its own. The company also revealed a substantial accounting error related to the long-term costs of its software development, which inflated its 2024 losses by £2.7 million to a total of £9.2 million.
Despite these challenges, Monovate secured £10 million in new funding from its recently acquired parent company, the US-listed Exodus Movement. Furthermore, the firm managed to clear its £22.4 million debt by converting it into shares for its lenders, leaving it with £6.2 million in operational cash. The company is now focusing on expanding its UK operations, increasing its headcount from 32 to 45. Revenue saw a nearly 11% increase, reaching £61.5 million, with the firm processing over £1 billion in transactions. Monovate, founded in 2020 and based in Cambridge, holds an e-money license from the City watchdog, enabling it to provide payment card infrastructure and transaction settlement services.