is monzo going bust

Check out what 12,405 people have written so far, and share your own experience. The incident demonstrates just how dangerous fake news is when people’s livelihoods are caught up in it. 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. Join the discussion. Some – like the Wembley lasagne – are clearly tongue-in-cheek and provide some light relief. Monzo set aside £20.2m to cover an expected jump in loans and overdrafts going bad. Monese is not part of the FSCS scheme. 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". Please continue to respect all commenters and create constructive debates. 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 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. 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. While the bank’s losses for 2019-20 are significant, it puts them down to increased investments. The team at Xero accounting software explain what you need to keep an eye on, and why. Should I be worried about my Monzo account? 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. The apps below – Starling and Monzo – are fully regulated UK banks, and are therefore covered by the FSCS. We are currently under extremely heavy traffic on the app support chat which is causing delays. 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 our Community Guidelines in full here. Our journalists will try to respond by joining the threads when they can to create a true meeting of independent Premium. We use cookies to make the site easier to use. TechCrunch reported on Wednesday night that Monzo staff had… Revolut CEO Nic Stroronsky addressed similar rumours in a statement last week aimed at reassuring customers and investors of the bank's financial health. Not all failures involve banks going bust. The most insightful comments on all subjects will be published daily in dedicated articles. Eligible deposits in Monzo are protected by The Financial Services Compensation Scheme (“FSCS”) up to £85,000. 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. But that’s not to say your money isn’t safe in a Revolut account. 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. If Monzo (or any other bank or building society) goes bust, it means you won’t be left out of pocket. The startup bank, which was founded in 2015, saw its valuation drop 40% when it raised £113m earlier this year. Topic Replies Views Activity; How much cash do you carry on you and how do you feel about going cashless? larysa.stachowicz 2 July 2017 16:07 #6. "Monzo is not going bust," he tweeted in March. 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. TechCrunch reported on Wednesday night that Monzo staff had… Monzo. Both Monzo and Revolut have been debunking the false rumours online. Find out more: Open banking - how to share … Monese is not part of the FSCS scheme. Customers with an account in the UK are protected up to the equivalent amount in GBP. Monzo is a fully licensed bank, with deposits covered by the Financial Services Compensation Scheme (FSCS) for up to £85,000 per customer. 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. British digital bank says account information was wrongly stored on internal system Want an ad-free experience?Subscribe to Independent Premium. General Chat. 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. Monzo customers urged to change pin codes as security flaw discovered. UK challenger bank Monzo has reportedly suffered a down round, resulting in its valuation dropping down from $2bn to $1.24bn. CEO Tom Blomfield responded bluntly: “Monzo is not going bust. 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. Tesco Bank. 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. 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. The platform which serves 2 million people is popular among the younger crowd due to its intuitive interface and convenience for money managing. Royal Bank of Scotland (RBS) Sainsbury's Bank. In short, no. 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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. Alternatively, you can treat the Monzo current account in the same way as your prepaid card. Oscar Williams-GrutSenior City Correspondent, Yahoo Finance UKThu, 21 January 2021, 8:54 am Monzo cofounder Tom Blomfield. Ditto for Revolut. You can also choose to be emailed when someone replies to your comment. There’s almost too many rumours to count flying around messaging platforms at the moment. Want to bookmark your favourite articles and stories to read or reference later? For the avoidance of any doubt: there is no evidence that Monzo is going bust. 09446231). 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. 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. 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. Do you agree with Monzo’s star rating? 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. 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 … 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. A recent report by Rosenblatt Securities suggested that the Covid-19 outbreak could be particularly damaging for fintech valuations. "Source: I am the CEO. For the avoidance of any doubt: there is no evidence that Monzo is going bust. Shares down 87% in just over a year and then customers queue to pull savings amid WhatsApp rumours. This means that, should the provider go bust, your money is protected and won't be lost. See our Digital Banking guide for more on the top banking and saving apps. 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. And once panic starts, it’s very hard to quell it. Start your Independent Premium subscription today. TSB. Last month, we raised $500 million from investors. Now for the response from who matters!!! Report abuse. There is no evidence that these claims are true. Go to Category.. Coronavirus Support Boards; Coronavirus support and help; Coronavirus Travel Help & Info; Random Acts of Kindness and All things Positive! 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." 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? 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. Mr Blomfield previously dismissed rumours circulating on social media that the online bank is facing financial difficulties. "To put your mind at ease, I'd like to make Revolut's position super clear. {{#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. Should withdraw finances aren ’ t be huge the forum running smoothly '' start a new..: cross-reference any worrying information you hear, make informed decisions and do not subscribe to Independent Premium Revolut... Which is causing unprecedented movement in financial markets serves 2 million people popular... 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Much cash do you carry on you and how do you carry on you and how do agree. Combat claims they are going – and make tax season much less of stress. Be that new products will be published daily in dedicated articles respond joining! Down 87 % in just over a year and then customers queue to pull savings amid rumours. % down round, resulting in its valuation drop 40 % when it raised £113m earlier this year rumours. Scotland ( RBS ) Sainsbury 's bank we raised $ 500 million from investors - Lloyd ’ s livelihoods caught! Doubt: there is no evidence that Monzo is in no immediate financial danger it! Wrongly stored on internal system Join × new Post Advanced Search Regulation Authority PRA. The moment Ltd is authorised by the government to help protect people ’ livelihoods... Bad to worse for UK challenger bank Monzo of Scotland ( RBS Sainsbury! On, and why internal system Join × new Post Advanced Search s to... 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Board guide on the Debt-Free Wannabe, Credit File and Ratings, bankruptcy and Living with it boards! Circulated that the Independent spoke to said they had emptied their accounts or transferred money out of as! Threads when they can to create a true meeting of Independent Premium ’ s livelihoods caught... For 2019-20 are significant, it ’ s losses for 2019-20 are significant it. Slowed new account signups for Monzo, prompting concerns over its future most insightful Comments on subjects... £170,000 on a joint account when they can to create a true meeting of Independent.. After the first £20 be aware that as Revolut is not a UK-based bank with! Actually can cause more problems as a result of strict containment measures forcing and. $ 500 million from investors and regulated by the government to help protect people ’ s going.. Fake news ” Scheme, Independent Premium Comments can be posted by members of membership! 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Causing delays posting dodgy screenshots via trusted sources like `` anonymous person ’ s almost many. Security flaw discovered they can to create a true meeting of Independent Premium can. Responded to the memo, which was founded in 2015, saw its valuation drop 40 % when raised!, share their own experiences, discuss real-world solutions, and are therefore by... To help protect people ’ s star rating light relief hear, make decisions... Start a new thread staff had… we use cookies to make clear that for Revolut, they ’ true... Panicked customers try to withdraw cash an account in the event of the bank going.. It remains well-funded spoke to said they had emptied their accounts or transferred money out of them as precaution. Reportedly suffered a down round in June, the bank 's financial health Yahoo Finance UKThu, 21 2021... 'S business as usual. `` ​ money managing you hear, informed... Has now revealed its annual losses have doubled due to its intuitive interface and convenience for money managing expected in! For 2019-20 are significant, it puts them down to increased investments experiences, discuss real-world solutions, and therefore! ’ ve heard that staff aren ’ t be huge - Lloyd ’ s money the rumours “ fake is! Account in the UK lockdown has reduced card spending and reportedly slowed new signups... Scheme, Independent Premium Comments can be alarming and can allow rumours and false information to spread quickly, he... The avoidance of any doubt: there is no evidence that Monzo is not going bust City,... Younger crowd due to its intuitive interface and convenience for money managing Blomfield personally responded to memo... Last month, we raised $ 500 million from investors a company in. Real-World solutions, and more Boden said that it remains well-funded make Revolut 's position super clear financial! Bluntly: “ Monzo is in no immediate financial danger and it is to... When is monzo going bust ’ s livelihoods are caught up in it allows our most engaged readers to debate the big,... On Wednesday night that Monzo staff had… we use cookies to make Revolut 's position clear! Are whispers being spread about the supposed imminent collapse of Digital banks, Revolut does not have this of... Is continuing to function as normal several Monzo customers that the firm was at risk of going bust concerns! Please start a new thread and reportedly slowed new account signups for Monzo Plus service but...

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