Good morning & happy Tuesday! Today we're diving deep into British neobanking gem Monzo, which just published its 2026 annual report (breaking down the unit economics that matter, the Revolut comparison investors keep getting wrong, the governance drama, IPO chances & what's next for Monzo + bonus deep dive into Revolut's latest financials & their foundational AI model for money inside), and Catena Labs that wants a bank charter for AI Agents (what they are trying to do, why it's worth paying attention & how Catena stacks agents other players in agentic finance space + bonus deep dive into Google's bid to become the OS for all e-commerce, Circle's Agent Stack play, and a full guide on how to build an AI Agent from sractch inside). So let's jump straight into the interesting stuff '' Following the money ' Monzo Bank makes more money per customer than Revolut. That sentence would have been unthinkable two years ago. But recently dropped 2026 annual report confirmed it: Monzo now...
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