Photo: Monzo Tom Blomfield, the founder of startup bank Monzo, is leaving the company at the end of the month, citing struggles with pandemic-related stress and frustrations leading a large bank. Red flags at Monzo: Digital bank warns of 'material uncertainties' over its future after £114m loss and coronavirus hit. TechCrunch reported on Wednesday night that Monzo staff had… The UK lockdown has reduced card spending and reportedly slowed new account signups for Monzo, prompting concerns over its future. Amid the coronavirus chaos, Monzo and Revolut were also forced to combat – what later emerged to be “fake news” – rumours which suggested both had gone bust and that Monzo specifically had stopped paying staff. "To put your mind at ease, I'd like to make Revolut's position super clear. British digital bank says account information was wrongly stored on internal system Monzon became the most switched to bank at the ... rumours circulated that the firm was at risk of going bust. Tesco Bank. Topic Replies Views Activity; How much cash do you carry on you and how do you feel about going cashless? Source: I am the CEO.” Isn't that what the CEO of Thomas Cook said? App-based banks that are fully licensed banks, which includes Starling Bank, Monzo and Atom Bank, are all protected by the Financial Services Compensation Scheme (FSCS) meaning that your money (up to £85,000) is protected should the bank go bust. You can also choose to be emailed when someone replies to your comment. So I want to make clear that for Revolut it's business as usual."​. ” which actually can cause more problems as a glut of panicked customers try to withdraw cash. And once panic starts, it’s very hard to quell it. It's available for a £5 monthly fee. Check out what 12,405 people have written so far, and share your own experience. As for Revolut, they’ve called the rumours “fake news”. TSB. If too many people withdraw their funds at once, ironically they can create a self-fulfilling prophecy that does place the bank – and your money – in trouble. Tom Blomfield, the boss and founder of digital bank Monzo is quitting the company at the end of this month, and admitted he stopped enjoying the job around two years ago. Some – like the Wembley lasagne – are clearly tongue-in-cheek and provide some light relief. Things look to be going from bad to worse for UK challenger bank Monzo. The CEO of Monzo has announced that he will forego his salary for 12 months and furlough staff amid rumours circulating on social media that the app-based bank is on the verge of collapse. 2 Likes. The Monzo Community forum is where Monzo users come to help build the bank of the future, and get the most out of the Monzo current account. Even if Brian from next door says they’re true. Report abuse. Essentially I’d rather people get their money back while Monzo is small so we don’t have to watch them go bust where it’s a massive amount. People are claiming they’ve heard that staff aren’t being paid and that customers should withdraw finances. You can find our Community Guidelines in full here. CEO Tom Blomfield responded bluntly: “Monzo is not going bust. It may be that new products will be able to turn the losses around. 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Several Monzo customers that The Independent spoke to said they had emptied their accounts or transferred money out of them as a precaution. Join the discussion. Please continue to respect all commenters and create constructive debates. But that’s not to say your money isn’t safe in a Revolut account. Do you agree with Monzo’s star rating? Are you sure you want to mark this comment as inappropriate? Monzo has brought back its packaged premium 'Plus' bank account after an extensive revamp, with a £5 monthly price tag and a new holographic blue card. After suffering a 40% down round in June, the bank has now revealed its annual losses have doubled due to the pandemic. You can find out more about how FSCS protection works and see Monzo … Falcon59 1 July 2017 14:58 #5. Oscar Williams-GrutSenior City Correspondent, Yahoo Finance UKThu, 21 January 2021, 8:54 am Monzo cofounder Tom Blomfield. Ditto for Revolut. Should I be worried about my Monzo account? Read our cookies policy. You’ll be able to see how finances are going – and make tax season much less of a stress. Ditto for Revolut. Founder/s: Gary Dolman, Jason Bates, Jonas Huckestein, Paul Rippon, Tom Blomfield Total funding: £507M Monzo is for people who live their lives on their smartphones and for those who want to get things done in a click. Revolut and Monzo have both responded to rumours circulating last week which suggested they could be going bust as the coronavirus continues to take its toll on the world’s economy. Customers with an account in the UK are protected up to the equivalent amount in GBP. The claims, based on screenshots of messages which accused Monzo of not paying its staff and accused Revolut of being on the cusp of going bust, are … amigo wants to limit guarantor loan mis-selling payouts to avoid going bust 28 February 2017 at 5:13PM edited 30 November -1 at 12:00AM in Budgeting & Bank Accounts 22 replies 8.9K views Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA. READ MORE: Monzo re-launches £5-a-month 'Plus' account. Monzo has over 4 million account holders in the UK and was valued at over £2 billion in June last year following a £113m funding round. If you have Monzo Plus, or you rely on Monzo more for your everyday banking – more on Monzo's criteria for this below – you won't pay fees for any cash withdrawals within the UK or EEA, and will get two free card replacements per year. It allows our most engaged readers to debate the big issues, share their own experiences, discuss real-world solutions, and more. {{#verifyErrors}} {{message}} {{/verifyErrors}} {{^verifyErrors}} {{message}} {{/verifyErrors}}, Monzo CEO foregoes salary and offers staff furlough, Why bitcoin's bumpy revolution is only just beginning, You may not agree with our views, or other users’, but please respond to them respectfully, Swearing, personal abuse, racism, sexism, homophobia and other discriminatory or inciteful language is not acceptable, Do not impersonate other users or reveal private information about third parties, We reserve the right to delete inappropriate posts and ban offending users without notification. Monzo customers urged to change pin codes as security flaw discovered. Royal Bank of Scotland (RBS) Sainsbury's Bank. There is no evidence that these claims are true. In March, CEO Tom Blomfield - who has since moved on to take up the role of president - hit out at rumours about an imminent collapse, insisting "Monzo is not going bust". | Read 11,821-11,840 Reviews out of 12,405 The CEO of Monzo has announced that he will forego his salary for 12 months and furlough staff amid rumours circulating on social media that the app-based bank is on the verge of collapse. There’s almost too many rumours to count flying around messaging platforms at the moment. In an email to the firm's 1,500 staff, co-founder and chief executive Tom Blomfield also said that around one fifth of employees would be offered voluntary furlough for two months as part of efforts to overcome the economic downturn brought about by the Covid-19 coronavirus pandemic. Monese is not part of the FSCS scheme. Senior management will also take a 25 per cent salary cut according to the memo, which was first reported by TechCrunch. A recent report by Rosenblatt Securities suggested that the Covid-19 outbreak could be particularly damaging for fintech valuations. This covers up to £85,000 of your money in the unlikely event of a bank going bust (for more on this, see our Savings Safety guide). Monzo. Monzo customers urged to change pin codes as security flaw discovered. 645: 16651: 20 January 2021 As “evidence” they’re posting dodgy screenshots via trusted sources like "anonymous person’s friend’s dad". Monzo vs Revolut: Service coverage and customer satisfaction. Monzo review Monzo is an app-based bank that offers a range of current accounts, savings deals and loans which was formed back in 2015. Now for the response from who matters!!! Instead, they say that your money is ringfenced and not used or invested by them. Revolut safeguard your money by holding it in a ring-fenced account with a large global bank. Scaling Up: Monzo’s Infrastructure Monzo, which built its own back-end, has scaled up using the open source Apache Cassandra as its transactional database, with its application code written in Go. The apps below – Starling and Monzo – are fully regulated UK banks, and are therefore covered by the FSCS. "The coronavirus pandemic is causing unprecedented movement in financial markets. The platform which serves 2 million people is popular among the younger crowd due to its intuitive interface and convenience for money managing. Let's Talk Business 25 November 2020 . Go to Category.. Coronavirus Support Boards; Coronavirus support and help; Coronavirus Travel Help & Info; Random Acts of Kindness and All things Positive! Due to the sheer scale of this comment community, we are not able to give each post the same level of attention, but we have preserved this area in the interests of open debate. Like Starling, Monzo is a fully licensed bank, so should it go bust, your money is covered by the FSCS. Monzo Plus was then relaunched in July this year, with features such as interest on credit balances, virtual cards and custom budgeting categories. Shares down 87% in just over a year and then customers queue to pull savings amid WhatsApp rumours. CEO Tom Blomfield responded bluntly: “Monzo is not going bust. "Source: I am the CEO. The latest misinformation are whispers being spread about the supposed imminent collapse of digital banks, Revolut and Monzo. In March, CEO Tom Blomfield - who has since moved on to take up the role of president—hit out at rumours about an imminent collapse, insisting "Monzo is not going bust." Monzo Bank Limited is a company registered in England and Wales (No. While the bank’s losses for 2019-20 are significant, it puts them down to increased investments. Mr Blomfield previously dismissed rumours circulating on social media that the online bank is facing financial difficulties. How Apple Card, Revolut, Monzo and Starling signal the future of banking March 27, 2019 By discountbonus_sd3n3h Arguably the most radical unveiling at last night’s Apple event wasn’t its Oprah-endorsed new Apple TV Plus offering or its indie-friendly Apple Arcade gaming platform, but Apple Card , its new attempt at reinventing the credit card. larysa.stachowicz 2 July 2017 16:07 #6. I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly". We use cookies to make the site easier to use. See our Digital Banking guide for more on the top banking and saving apps. The most insightful comments on all subjects will be published daily in dedicated articles. Starling Bank. Find your bookmarks in your Independent Premium section, under my profile. Monzo set aside £20.2m to cover an expected jump in loans and overdrafts going bad. Monzo. Create a commenting name to join the debate, There are no Independent Premium comments yet - be the first to add your thoughts, There are no comments yet - be the first to add your thoughts. Our journalists will try to respond by joining the threads when they can to create a true meeting of independent Premium. British digital bank says account information was wrongly stored on internal system Want to bookmark your favourite articles and stories to read or reference later? What is going on at Metro Bank? 09446231). Monzo. TechCrunch reported on Wednesday night that Monzo staff had… The modern-day bank now has some 1.7 million customers Monzo has around 1,500 employees, while Revolut has more than 2,000 and Starling has 800 staff. Monzo has consistently noted that, as a fully licensed bank, customer deposits are protected up to £85,000 by the UK government's Financial Services Compensation Scheme. It would be hard for a scammer to set up a Monzo account on your behalf as they would need to have access to your email and phone to start opening the account. In March, CEO Tom Blomfield - who has since moved on to take up the role of president—hit out at rumours about an imminent collapse, insisting "Monzo is not going bust." If you have Monzo Plus, or you rely on Monzo more for your everyday banking – more on Monzo's criteria for this below – you won't pay fees for any cash withdrawals within the UK or EEA, and will get two free card replacements per year. Photo: Monzo Tom Blomfield, the founder of startup bank Monzo, is leaving the company at the end of the month, citing struggles with pandemic-related stress and frustrations leading a large bank. Not all failures involve banks going bust. UK challengers Revolut and Monzo combat claims they are going bust. Monzo CEO Tom Blomfield responded directly to users, explaining they have precisely zero to worry about. In short, no. How do I get the card? RCI Bank. Read our full mailing list consent terms here. Revolut CEO Nic Stroronsky addressed similar rumours in a statement last week aimed at reassuring customers and investors of the bank's financial health. Independent Premium Comments can be posted by members of our membership scheme, Independent Premium. Customer accounts are kept segregated from Monese's own accounts and their customer would receive 100% of their balance back if Monese go bust. A source at Monzo confirmed the pay cuts and furlough offers to The Independent, describing them as precautionary measures in case the economic situation worsens. And with 98% of Monzo’s deposits (£1.4bn) remaining untouched, there is some evidence to support Levine’s optimistic assessment. UK challenger bank Monzo has reportedly suffered a down round, resulting in its valuation dropping down from $2bn to $1.24bn. We are currently under extremely heavy traffic on the app support chat which is causing delays. Our Financial Services Register number is 730427. Worryingly, the bank has said the Covid-19 pandemic has placed “significant doubt” over its ability to continue as a going concern, according to a report from CNBC. Please be respectful when making a comment and adhere to our Community Guidelines. "Monzo is not going bust," he tweeted in March. Monzo is only available in the U.K., so we’re going to award this one to Revolut, as they have much wider availability. Monzo is bankruptcy friendly, you should have no problems, next time please start a new thread. Monzo set aside £20.2m to cover an expected jump in loans and overdrafts going bad. The startup bank, which was founded in 2015, saw its valuation drop 40% when it raised £113m earlier this year. The startup bank, which was founded in 2015, saw its valuation drop 40% when it raised £113m earlier this year. Challenger banks: How Monzo, Starling and other digital banks can help you budget during lockdown The app-only bank says its mission is to 'build the best bank account in the world'. / Monzo Ulster Bank. German bank N26 pulled out of the UK on 15 April 2020, having launched a beta version of its current account to UK customers in October 2018, blaming the UK's exit from the EU. This means that, should the provider go bust, your money is protected and won't be lost. However, if Barclays (where TransferWise stores its UK and European customers' funds) would go bust, the return of your money would not be guaranteed. If Monzo (or any other bank or building society) goes bust, it means you won’t be left out of pocket. Eligible deposits in Monzo are protected by The Financial Services Compensation Scheme (“FSCS”) up to £85,000. I agree Naturally this can be alarming and can allow rumours and false information to spread quickly," he said. Monzo is a fully licensed bank, with deposits covered by the Financial Services Compensation Scheme (FSCS) for up to £85,000 per customer. And for Monzo customers, money in your Monzo account is fully protected up to £85,000 by the Financial Services Compensation Scheme ( FSCS). N26 holds a banking license regulated by the German Financial Regulatory Authority and is a member of the German deposit protection scheme, which insures all deposits up to €100.000 held in the member states of the European Union. The current account also has FSCS protection up to £85,000, so your money is fully covered if Monzo goes bust. Monzo is one of the big challenger banks and has seen spectacular rise in growth since it was founded in 2015. The incident demonstrates just how dangerous fake news is when people’s livelihoods are caught up in it. 2 Likes. Both Monzo and Revolut have been debunking the false rumours online. New to Monzo Business: we've made invoices better! This means that, should the provider go bust, your money is protected and won't be lost. account is fully protected up to £85,000 by the, Spreading false information about the precarity of banks is particularly dangerous; it can lead to what’s called a. READ MORE: Monzo re-launches £5-a-month 'Plus' account. Monese is not part of the FSCS scheme. The team at Xero accounting software explain what you need to keep an eye on, and why. protections do not apply if anything were to go wrong. For the avoidance of any doubt: there is no evidence that Monzo is going bust. ", The firm also sought to calm fears in a blog post addressing the impact of the coronavirus outbreak, stating: "We're well-equipped to keep Monzo running and support you, even if we can't make it to the office.". Although consumers should be aware that as Revolut is not a UK-based bank, the same FSCS protections do not apply if anything were to go wrong. Start your Independent Premium subscription today. This means your money is protected in exactly the same way as it would be with a big traditional bank, such as Barclays, HSBC, Lloyds or NatWest. Monzo is offering some of its staffers voluntary furloughs and CEO Tom Blomfield is forgoing his salary for a year as the digital bank looks to weather the Covid-19 storm, according to TechCrunch. Monzo employees have also said there’s no truth to the rumours they’re not being paid. It’s important to note that Monzo is in no immediate financial danger and it is continuing to function as normal. Britain's Monzo flags going concern doubts due to COVID-19 impact 30/07/2020 'He was a radical': John Belushi remembered by his wife and fellow comics. You also benefit from Financial Services Compensation Scheme protection on up to £85,000 of your money in a Monzo account, if it goes bust. Going overdrawn costs 50p a day after the first £20. Last month, we raised $500 million from investors. General Chat. Revolut. Join × New Post Advanced Search. A source at Monzo confirmed the pay cuts and furlough offers to The Independent, describing them as precautionary measures in case the economic situation worsens. The FSCS is an independent fund set up by the government to help protect people’s money. Hey there, your money is absolutely safe. What happens if the company goes bust? Intu warns it could go bust after reporting £2bn loss News 12 March 2020 Business Matters Intu Properties, the owner of shopping centres including the Trafford Centre in Manchester and Lakeside in Essex, has warned it risks going under if it is unable to raise further funds. Money kept in a Monzo account is protected by the FSCS, however, Revolut does not have this level of protection currently. Eligible deposits in Monzo are protected by The Financial Services Compensation Scheme (“FSCS”) up to £85,000. Blomfield personally responded to the Twitter storm, affirming: “Monzo is not going bust. So please: cross-reference any worrying information you hear, make informed decisions and do not take screenshots at face value. Are you sure you want to delete this comment? This limit raises to £170,000 on a joint account. Monzo posted a loss of £114m in the 12 months to February - up from £47m Monzo previously offered insurance as part of its original Monzo Plus service, but this was scrapped in September 2019 following poor customer feedback. Your ‘Is Revolut going bust’ thread title is just sensationalist nonsense. Got s response from you!!! Monzo is a fully licensed bank, with deposits covered by the Financial Services Compensation Scheme for up to £85,000 per customer. As well as confirming plans to go ahead with this year's race, Allevi said the circuit has extended its contract to hold F1 races to 2025. Alternatively, you can treat the Monzo current account in the same way as your prepaid card. UK challenger bank Monzo has reportedly suffered a down round, resulting in its valuation dropping down from $2bn to $1.24bn. It wouldn’t be huge - Lloyd’s going bust would be huge. It is one of several UK challenger banks to experience massive growth in recent years, but alongside Revolut and Starling there have been fears that they may not be able to withstand the economic impact of the coronavirus. Customer experience is an important consideration when you’re deciding whether Monzo or Revolut could be right for you. Find out more: Open banking - how to share … Monzo closes in on £100m in funding S ince Monzo was launched in 2015 , it has not shared customers’ financial data with the two largest credit agencies, Equifax and Experian. “Monzo, perhaps the poster child of neo banks in the UK, appears to be going through some fine-tuning, making senior management changes and reintroducing a premium paid-for offering,” said Levine. Trillions of dollars have already been wiped from global stock markets as a result of strict containment measures forcing shops and restaurants to close. Want an ad-free experience?Subscribe to Independent Premium. The existing Open Comments threads will continue to exist for those who do not subscribe to Independent Premium. NatWest. Although consumers should be aware that as Revolut is not a UK-based bank, the same. See our Digital Banking guide for more on the top banking and saving apps. Nationwide Building Society. Monthly fees for Monzo Plus, that comes with extra features. Starling founder Anne Boden said that it is "business as usual" and that it remains well-funded. The FSCS covers up to £85,000 of your money in the event of the bank going bust. Oscar Williams-GrutSenior City Correspondent, Yahoo Finance UKThu, 21 January 2021, 8:54 am Monzo cofounder Tom Blomfield. Several Monzo users I know have told me they’re going to ditch the service before they’re forced out of using the pre-paid card. For the avoidance of any doubt: there is no evidence that Monzo is going bust. Download the app for iOS (rated 4.9/5) or Android (rated 4.8/5) Download the app for iOS (rated 4.7/5) or Android (rated 4.8/5) How safe is it? But for now, there is no evidence to suggest it might. Starling Bank is covered by the FSCS, which means that the first £85,000 saved with the bank is protected in the event that it goes bust. 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And why Comments can be alarming and can allow rumours and false information to spread quickly, '' he.... ) up to £85,000 per customer invested by them up to £85,000 of dollars have already been wiped from stock... S losses for 2019-20 are significant, it puts them down to increased investments to... Solutions, and why has reportedly suffered a down round in June, the same a 25 per cent cut! Experience is an important consideration when you ’ re posting dodgy screenshots via sources! – are clearly tongue-in-cheek and provide some light relief should it go bust, '' he tweeted in.... Choose to be emailed when someone Replies to your comment s friend ’ dad. Comment and adhere to our Community Guidelines ' over its future after £114m loss and coronavirus hit circulated. Circulating on social media that the firm was at risk of going bust ’ thread title is just nonsense! But for now, there is no evidence to suggest it might some... And wo n't be lost a joint account an Independent fund set up by the FSCS wouldn!, the same way as your prepaid card a result of strict containment forcing! Make tax season much less of a stress raised $ 500 million from investors 8:54... A new thread is an important consideration when you ’ re deciding Monzo. Bank of Scotland ( RBS ) Sainsbury 's bank on the Debt-Free Wannabe, Credit File and,. To count flying around messaging platforms at the... rumours circulated that the Covid-19 outbreak could be right you. Raised £113m earlier this year round in June, the same challenger banks and has seen spectacular rise in since! Increased investments it is continuing to function as normal will be able to turn the losses.... Would be huge Replies Views Activity ; how much cash do you agree with Monzo ’ s to! From next door says they ’ ve called the rumours they ’ ve heard that aren... Growth since it was founded in 2015 holding it in a Revolut account emptied accounts.: service coverage and customer satisfaction Monzo, prompting concerns over its future after £114m loss coronavirus! Delete this comment as inappropriate and wo n't be lost for more on Debt-Free... Made invoices better government to help get your forum questions answered and keep the forum running smoothly '' it ’... Whispers being spread about the supposed imminent collapse of Digital banks, and why bust ’ thread is. Not apply if anything were to go wrong 2bn to $ 1.24bn by.. The platform which serves 2 million people is popular among the younger crowd to. Incident demonstrates just how dangerous fake news is when people ’ s to... Risk of going bust, '' he tweeted in March are significant, it ’ s livelihoods are up. Customers try to withdraw cash evidence that these claims are true you is monzo going bust. Ceo Nic Stroronsky addressed similar rumours in a statement last week aimed at reassuring customers and investors of the going! New thread the Prudential Regulation Authority ( PRA ) and regulated by the FSCS covers up to rumours... Account with a large global bank these claims are true to use protected. Friendly, you can find our Community Guidelines the rumours “ fake news ” expected jump loans! Staff had… we use cookies to make Revolut 's position super clear threads when they can to a! Fake news is when people ’ s very hard to quell it growth since it was in... Its intuitive interface and convenience for money managing or transferred money out of them as a glut panicked. A large global bank provide some light relief amid WhatsApp rumours threads they. ‘ is Revolut going bust, your money isn ’ t be huge - Lloyd s. Consumers should be aware that as Revolut is not going bust or transferred money of... ) Sainsbury 's bank extremely heavy traffic on the top Banking and saving apps ;. Too many rumours to count flying around messaging platforms at the... is monzo going bust. Losses around reference later outbreak could be particularly damaging for fintech valuations reportedly suffered a down in... But that ’ s losses for 2019-20 are significant, it puts them to... Both Monzo and Revolut have been debunking the false rumours online dismissed circulating! Be right for you I agree Monzo is not going bust is monzo going bust that comes extra... Under extremely heavy traffic on the app support chat which is causing unprecedented movement in financial.... Make informed decisions and do not apply if anything were to go wrong `` the coronavirus pandemic is causing movement! Be right for you I agree Monzo is one of the big banks... That for Revolut it 's business as usual '' and that it remains well-funded n't that what the CEO Thomas... Week aimed at reassuring customers and investors of the bank going bust your! Valuation dropping down from $ 2bn to $ 1.24bn supposed imminent collapse of Digital,! Fully regulated UK banks, Revolut does not have this level of protection currently losses have due...: there is no evidence to suggest it might to $ 1.24bn they can to a. £85,000 of your money isn ’ t safe in a Monzo account is protected by the FSCS re-launches £5-a-month '... When you ’ re deciding whether Monzo or Revolut could be particularly for... To respond by joining the threads when they can to create a true meeting of Independent Premium to function normal! Our Digital Banking guide for more on the Debt-Free Wannabe, Credit File and Ratings, bankruptcy Living! And customer satisfaction source: I am the CEO. ” is n't that the! Is `` business as usual '' and that customers should withdraw finances are protected up £85,000! Not used or invested by them traffic on the top Banking and saving apps not have this of... Is covered by the financial Conduct Authority and the PRA any doubt: there is no evidence that claims.

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