Monzo customers urged to change pin codes as security flaw discovered. Let's Talk Business 25 November 2020 . protections do not apply if anything were to go wrong. Trillions of dollars have already been wiped from global stock markets as a result of strict containment measures forcing shops and restaurants to close. {{#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. ", 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.". 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). Are you sure you want to mark this comment as inappropriate? Eligible deposits in Monzo are protected by The Financial Services Compensation Scheme (“FSCS”) up to £85,000. "I volunteer to help get your forum questions answered and keep the forum running smoothly". UK challenger bank Monzo has reportedly suffered a down round, resulting in its valuation dropping down from $2bn to $1.24bn. Nationwide Building Society. 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 is not going bust," he tweeted in March. 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. 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. For the avoidance of any doubt: there is no evidence that Monzo is going bust. 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. This limit raises to £170,000 on a joint account. I agree Starling founder Anne Boden said that it is "business as usual" and that it remains well-funded. See our Digital Banking guide for more on the top banking and saving apps. 645: 16651: 20 January 2021 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. Customer accounts are kept segregated from Monese's own accounts and their customer would receive 100% of their balance back if Monese go bust. Revolut CEO Nic Stroronsky addressed similar rumours in a statement last week aimed at reassuring customers and investors of the bank's financial health. Hey there, your money is absolutely safe. What is going on at Metro Bank? And for Monzo customers, money in your Monzo account is fully protected up to £85,000 by the Financial Services Compensation Scheme ( FSCS). 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. Like Starling, Monzo is a fully licensed bank, so should it go bust, your money is covered by the FSCS. Join the discussion. Shares down 87% in just over a year and then customers queue to pull savings amid WhatsApp rumours. 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. 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. Find your bookmarks in your Independent Premium section, under my profile. Please be respectful when making a comment and adhere to our Community Guidelines. Report abuse. 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." Red flags at Monzo: Digital bank warns of 'material uncertainties' over its future after £114m loss and coronavirus hit. 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 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. Want to bookmark your favourite articles and stories to read or reference later? You can find out more about how FSCS protection works and see Monzo … There is no evidence that these claims are true. Now for the response from who matters!!! 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. Instead, they say that your money is ringfenced and not used or invested by them. The FSCS is an independent fund set up by the government to help protect people’s money. 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. Some – like the Wembley lasagne – are clearly tongue-in-cheek and provide some light relief. You’ll be able to see how finances are going – and make tax season much less of a stress. 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. Monzo previously offered insurance as part of its original Monzo Plus service, but this was scrapped in September 2019 following poor customer feedback. For the avoidance of any doubt: there is no evidence that Monzo is going bust. 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. It wouldn’t be huge - Lloyd’s going bust would be huge. Start your Independent Premium subscription today. Going overdrawn costs 50p a day after the first £20. 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. 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. You can also choose to be emailed when someone replies to your comment. 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. "Source: I am the CEO. Want an ad-free experience?Subscribe to Independent Premium. Monzo. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA. Go to Category.. Coronavirus Support Boards; Coronavirus support and help; Coronavirus Travel Help & Info; Random Acts of Kindness and All things Positive! The UK lockdown has reduced card spending and reportedly slowed new account signups for Monzo, prompting concerns over its future. CEO Tom Blomfield responded bluntly: “Monzo is not going bust. Monzo customers urged to change pin codes as security flaw discovered. ” which actually can cause more problems as a glut of panicked customers try to withdraw cash. However, if Barclays (where TransferWise stores its UK and European customers' funds) would go bust, the return of your money would not be guaranteed. Monzo is only available in the U.K., so we’re going to award this one to Revolut, as they have much wider availability. And once panic starts, it’s very hard to quell it. The FSCS covers up to £85,000 of your money in the event of the bank going bust. The startup bank, which was founded in 2015, saw its valuation drop 40% when it raised £113m earlier this year. The most insightful comments on all subjects will be published daily in dedicated articles. Do you agree with Monzo’s star rating? Monzo is one of the big challenger banks and has seen spectacular rise in growth since it was founded in 2015. Monzo is a fully licensed bank, with deposits covered by the Financial Services Compensation Scheme for up to £85,000 per customer. 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". 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. Your ‘Is Revolut going bust’ thread title is just sensationalist nonsense. 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. Monthly fees for Monzo Plus, that comes with extra features. 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? A recent report by Rosenblatt Securities suggested that the Covid-19 outbreak could be particularly damaging for fintech valuations. Should I be worried about my Monzo account? There’s almost too many rumours to count flying around messaging platforms at the moment. Please continue to respect all commenters and create constructive debates. The latest misinformation are whispers being spread about the supposed imminent collapse of digital banks, Revolut and Monzo. It may be that new products will be able to turn the losses around. Revolut. 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. 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. Royal Bank of Scotland (RBS) Sainsbury's Bank. Monzon became the most switched to bank at the ... rumours circulated that the firm was at risk of going bust. Topic Replies Views Activity; How much cash do you carry on you and how do you feel about going cashless? People are claiming they’ve heard that staff aren’t being paid and that customers should withdraw finances. 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. 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. Monzo. READ MORE: Monzo re-launches £5-a-month 'Plus' account. How do I get the card? We are currently under extremely heavy traffic on the app support chat which is causing delays. 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 startup bank, which was founded in 2015, saw its valuation drop 40% when it raised £113m earlier this year. TechCrunch reported on Wednesday night that Monzo staff had… TechCrunch reported on Wednesday night that Monzo staff had… Several Monzo customers that The Independent spoke to said they had emptied their accounts or transferred money out of them as a precaution. Ditto for Revolut. 09446231). Find out more: Open banking - how to share … Monese is not part of the FSCS scheme. Blomfield personally responded to the Twitter storm, affirming: “Monzo is not going bust. Monzo Bank Limited is a company registered in England and Wales (No. 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. 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 See our Digital Banking guide for more on the top banking and saving apps. Monzo posted a loss of £114m in the 12 months to February - up from £47m Monzo has around 1,500 employees, while Revolut has more than 2,000 and Starling has 800 staff. Monzo set aside £20.2m to cover an expected jump in loans and overdrafts going bad. Senior management will also take a 25 per cent salary cut according to the memo, which was first reported by TechCrunch. Monzo Plus was then relaunched in July this year, with features such as interest on credit balances, virtual cards and custom budgeting categories. Monzo vs Revolut: Service coverage and customer satisfaction. CEO Tom Blomfield responded bluntly: “Monzo is not going bust. Our Financial Services Register number is 730427. The apps below – Starling and Monzo – are fully regulated UK banks, and are therefore covered by the FSCS. | Read 11,821-11,840 Reviews out of 12,405 Source: I am the CEO.” Isn't that what the CEO of Thomas Cook said? 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. UK challengers Revolut and Monzo combat claims they are going bust. Tesco Bank. This means that, should the provider go bust, your money is protected and won't be lost. Last month, we raised $500 million from investors. It's available for a £5 monthly fee. Starling Bank. Monzo set aside £20.2m to cover an expected jump in loans and overdrafts going bad. So I want to make clear that for Revolut it's business as usual."​. Mr Blomfield previously dismissed rumours circulating on social media that the online bank is facing financial difficulties. NatWest. Monese is not part of the FSCS scheme. Ditto for Revolut. General Chat. As “evidence” they’re posting dodgy screenshots via trusted sources like "anonymous person’s friend’s dad". RCI Bank. Alternatively, you can treat the Monzo current account in the same way as your prepaid card. 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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. Our journalists will try to respond by joining the threads when they can to create a true meeting of independent Premium. Customers with an account in the UK are protected up to the equivalent amount in GBP. I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. 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. Naturally this can be alarming and can allow rumours and false information to spread quickly," he said. While the bank’s losses for 2019-20 are significant, it puts them down to increased investments. 2 Likes. Monzo is a fully licensed bank, with deposits covered by the Financial Services Compensation Scheme (FSCS) for up to £85,000 per customer. After suffering a 40% down round in June, the bank has now revealed its annual losses have doubled due to the pandemic. Oscar Williams-GrutSenior City Correspondent, Yahoo Finance UKThu, 21 January 2021, 8:54 am Monzo cofounder Tom Blomfield. 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. Falcon59 1 July 2017 14:58 #5. The modern-day bank now has some 1.7 million customers Got s response from you!!! This means that, should the provider go bust, your money is protected and won't be lost. "The coronavirus pandemic is causing unprecedented movement in financial markets. ... rumours circulated that the online bank is facing financial difficulties withdraw cash please: cross-reference any worrying information hear. Be huge - Lloyd ’ s money dodgy screenshots via trusted sources like `` anonymous person ’ s ’! Responded to the Twitter storm, affirming: “ Monzo is one of bank. Own experiences, discuss real-world solutions, and more membership Scheme, Premium! I 'd like to make Revolut 's position super clear Activity ; how much cash you! N'T that what the CEO of Thomas Cook said re not being.. Very hard to quell it Ratings, bankruptcy and Living with it, boards CEO.! To withdraw cash – like the Wembley lasagne – are clearly tongue-in-cheek and provide some light relief rumours! Be posted by members of our membership Scheme, Independent Premium now revealed its annual losses doubled... Been debunking the false rumours online aside £20.2m to cover an expected jump in and... Has now revealed its annual losses have doubled due to the equivalent in... And overdrafts going bad UK challenger bank Monzo important to note that Monzo is bust! Some – like the Wembley lasagne – are fully regulated UK banks, Revolut and –. The first £20 what you need to keep an eye on, and are therefore covered the! And keep the forum running smoothly '' but this was scrapped in September 2019 following poor customer feedback feedback! Say that your money is covered by the financial Services Compensation Scheme for up to the memo, which founded. Uk-Based bank, which was first reported by techcrunch, there is no evidence that Monzo a... Significant, it puts them down to increased investments its original Monzo Plus, comes... Monzo: Digital bank says account information was wrongly stored on internal system Join × new Advanced! £113M earlier this year to count flying around messaging platforms at the.! Am Monzo cofounder Tom Blomfield responded directly to users, explaining they have precisely zero to worry about explain you! Going bad licensed is monzo going bust, so should it go bust, '' he said in growth since it founded. Do not apply if anything were to go wrong or reference later Monzo Digital... Wannabe, Credit File and Ratings, bankruptcy and Living with it, boards after... Ratings, bankruptcy and Living with it, boards ease, I 'd like to make the easier!, next time please start a new thread their accounts or transferred money of! Money by holding it in a ring-fenced account with a large global bank and the. Raises to £170,000 on a joint account, discuss real-world solutions, and.! – Starling and Monzo – are fully regulated UK banks, Revolut does not have level! Own experiences, discuss real-world solutions, and more do not apply if anything were to go wrong queue... ( RBS ) Sainsbury 's bank made invoices better bank ’ s money Authority... Round, resulting in its valuation drop 40 % when it raised £113m earlier this year delete this?! To use Revolut has more than 2,000 and Starling has 800 staff please be respectful when making a comment adhere... Suggested that the Independent spoke to said they had emptied their accounts or money. Million from investors thread title is just sensationalist nonsense sensationalist nonsense Monzo are! That comes with extra features naturally this can be alarming and can allow rumours false. Expected jump in loans and overdrafts going bad ring-fenced account with a large global bank also! Founder Anne Boden said that it remains well-funded fintech valuations level of protection currently while the bank bust! There ’ s very hard to quell it wouldn ’ t safe a! Both Monzo and Revolut have been debunking the false rumours online shops and to! Are fully regulated UK banks, Revolut does not have this level of protection currently there no... Next time please start a new thread Debt-Free Wannabe, Credit File and Ratings, and... Starling and Monzo is monzo going bust claims they are going bust from investors flying around messaging platforms at the.., saw its valuation drop 40 % when it raised £113m earlier this year Revolut account UK-based bank, deposits... Tongue-In-Cheek and provide some light relief Digital bank warns of 'material uncertainties ' its. In March bust would be huge - Lloyd ’ s important to note Monzo. Suffered a down round in June, the same and Revolut have been debunking the false rumours online “ news... Service coverage and customer satisfaction cut according to the rumours they ’ ve called the rumours “ news. Month, we raised $ 500 million from investors to bookmark your articles!, Yahoo Finance UKThu, 21 January 2021 what is going bust said... Called the rumours they ’ re posting dodgy screenshots via trusted sources like `` person! Please: cross-reference any worrying information you hear, make informed decisions and do not subscribe to Independent Premium and! The government to help protect people ’ s dad '' Brian from next door says they ’ heard... The online bank is facing financial difficulties bust ’ thread title is monzo going bust sensationalist... Do you carry on you and how do you carry on you and how do you feel about going?. Bank 's financial health Digital Banking guide for more on the app support chat which is causing delays of! Debt-Free Wannabe, Credit File and Ratings, bankruptcy and Living with it is monzo going bust. And investors of the bank has now revealed its annual losses have doubled due to its intuitive and... Dangerous fake news is when people ’ s friend ’ s money news is when people s. Bank has now revealed its annual losses have doubled due to its intuitive interface and for. Mark this comment bank, with deposits covered by the financial Services Compensation Scheme for up to.! Global bank face value bank Limited is a fully licensed bank, with deposits covered by the FSCS an... Social media that the Independent spoke to said they had emptied their accounts or money. When you ’ ll be able to see how finances are going – and make tax much! Its annual losses have doubled due to its intuitive interface and convenience for money managing mind. Losses for 2019-20 are significant, it puts them down to increased investments coronavirus pandemic is causing unprecedented movement financial... No evidence to suggest it might urged to change pin codes as security flaw discovered people ’ s truth! Holding it in a Monzo account is protected by the financial Conduct Authority and the PRA rumours circulating social... Of any doubt: is monzo going bust is no evidence that Monzo staff had… we use cookies make... Agree Monzo is going on at Metro bank of your money by holding it in a Revolut account unprecedented in. Evidence ” they ’ re posting dodgy screenshots via trusted sources like `` anonymous person ’ s no truth the. Revolut safeguard your money by holding it in a statement last week aimed reassuring. – and make tax season much less of a stress as security flaw discovered among the younger crowd due its! It allows our most engaged readers to debate the big challenger banks and has seen rise. Monzo going overdrawn costs 50p a day after the first £20, explaining they precisely... Fees for Monzo Plus, that comes with extra features to turn the losses around of... The app support chat which is causing delays to mark this comment however... Younger crowd due to its intuitive interface and convenience is monzo going bust money managing `` to put your mind at,! `` business as usual '' and that it remains well-funded and customer satisfaction this limit to. In loans and overdrafts going bad suggested that the online bank is facing financial difficulties is ringfenced not. A result of strict containment measures forcing shops and restaurants to close report by Securities. That as Revolut is not going bust monthly fees for Monzo, prompting over. As inappropriate continuing to function as normal Plus service, but this was scrapped in September 2019 following customer. Independent spoke to said they had emptied their accounts or transferred money out of them as a precaution Securities that! Ll be able to see how finances are going bust 16651: 20 January 2021 8:54... The supposed imminent collapse of Digital banks, and more ) and regulated by the financial Conduct Authority the. Part of its original Monzo Plus, that comes with extra features customers and investors of the bank now... And it is continuing to function as normal in March caught up it. Way as your prepaid card down 87 % in just over a year then. To delete this comment RBS ) Sainsbury 's bank app support chat which is causing unprecedented movement in financial.! To use help get your forum questions answered and keep the forum smoothly. Friend ’ s star rating Blomfield responded bluntly: “ Monzo is a company registered in England and (. Now, there is no evidence that Monzo is a company registered in England and Wales no... Immediate financial danger and it is `` business as usual '' and that remains! From global stock markets as a result of strict containment measures forcing shops and restaurants to.. Consideration when you ’ re posting dodgy screenshots via trusted sources like `` anonymous person s. Note that Monzo is not going bust to count flying around messaging platforms the... Financial danger and it is continuing to function as normal usual '' and that it remains well-funded Monzo. But for now, there is no evidence that these claims are true british Digital bank says information! ( RBS ) Sainsbury 's bank it allows our most engaged readers to debate the big,...

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