So please: cross-reference any worrying information you hear, make informed decisions and do not take screenshots at face value. 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. I agree 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. 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. READ MORE: Monzo re-launches £5-a-month 'Plus' account. Alternatively, you can treat the Monzo current account in the same way as your prepaid card. 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. You can also choose to be emailed when someone replies to your comment. It may be that new products will be able to turn the losses around. 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. Some – like the Wembley lasagne – are clearly tongue-in-cheek and provide some light relief. New to Monzo Business: we've made invoices better! Things look to be going from bad to worse for UK challenger bank Monzo. Oscar Williams-GrutSenior City Correspondent, Yahoo Finance UKThu, 21 January 2021, 8:54 am Monzo cofounder Tom Blomfield. Several Monzo customers that The Independent spoke to said they had emptied their accounts or transferred money out of them as a precaution. Although consumers should be aware that as Revolut is not a UK-based bank, the same. Monzo customers urged to change pin codes as security flaw discovered. ", 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.". Monzon became the most switched to bank at the ... rumours circulated that the firm was at risk of going bust. We use cookies to make the site easier to use. It wouldn’t be huge - Lloyd’s going bust would be huge. 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. The incident demonstrates just how dangerous fake news is when people’s livelihoods are caught up in it. CEO Tom Blomfield responded bluntly: “Monzo is not going bust. 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. Starling Bank. There is no evidence that these claims are true. Your ‘Is Revolut going bust’ thread title is just sensationalist nonsense. Monzo is a fully licensed bank, with deposits covered by the Financial Services Compensation Scheme (FSCS) for up to £85,000 per customer. 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? For the avoidance of any doubt: there is no evidence that Monzo is going bust. TechCrunch reported on Wednesday night that Monzo staff had… 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. Monzo set aside £20.2m to cover an expected jump in loans and overdrafts going bad. Shares down 87% in just over a year and then customers queue to pull savings amid WhatsApp rumours. Monzo. Mr Blomfield previously dismissed rumours circulating on social media that the online bank is facing financial difficulties. 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. 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. 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 current account also has FSCS protection up to £85,000, so your money is fully covered if Monzo goes bust. 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. 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 team at Xero accounting software explain what you need to keep an eye on, and why. See our Digital Banking guide for more on the top banking and saving apps. 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). Monese is not part of the FSCS scheme. Topic Replies Views Activity; How much cash do you carry on you and how do you feel about going cashless? Monzo has around 1,500 employees, while Revolut has more than 2,000 and Starling has 800 staff. Hey there, your money is absolutely safe. The FSCS is an independent fund set up by the government to help protect people’s money. 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." Check out what 12,405 people have written so far, and share your own experience. Join the discussion. 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. 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. "I volunteer to help get your forum questions answered and keep the forum running smoothly". 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. What happens if the company goes 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. The startup bank, which was founded in 2015, saw its valuation drop 40% when it raised £113m earlier this year. But that’s not to say your money isn’t safe in a Revolut account. 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 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. The modern-day bank now has some 1.7 million customers Like Starling, Monzo is a fully licensed bank, so should it go bust, your money is covered by the FSCS. Join × New Post Advanced Search. protections do not apply if anything were to go wrong. Want an ad-free experience?Subscribe to Independent Premium. And with 98% of Monzo’s deposits (£1.4bn) remaining untouched, there is some evidence to support Levine’s optimistic assessment. 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. Even if Brian from next door says they’re true. Not all failures involve banks going 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. 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. 2 Likes. | Read 11,821-11,840 Reviews out of 12,405 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. Customer accounts are kept segregated from Monese's own accounts and their customer would receive 100% of their balance back if Monese go bust. 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. 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. READ MORE: Monzo re-launches £5-a-month 'Plus' account. You’ll be able to see how finances are going – and make tax season much less of a stress. A recent report by Rosenblatt Securities suggested that the Covid-19 outbreak could be particularly damaging for fintech valuations. Do you agree with Monzo’s star rating? Falcon59 1 July 2017 14:58 #5. Got s response from you!!! Read our full mailing list consent terms here. Please continue to respect all commenters and create constructive debates. So I want to make clear that for Revolut it's business as usual."​. Are you sure you want to mark this comment as inappropriate? 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. The most insightful comments on all subjects will be published daily in dedicated articles. NatWest. 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. We are currently under extremely heavy traffic on the app support chat which is causing delays. Going overdrawn costs 50p a day after the first £20. 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 … Independent Premium Comments can be posted by members of our membership scheme, Independent Premium. Our Financial Services Register number is 730427. 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. Revolut CEO Nic Stroronsky addressed similar rumours in a statement last week aimed at reassuring customers and investors of the bank's financial health. Monzo vs Revolut: Service coverage and customer satisfaction. Ulster Bank. 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. CEO Tom Blomfield responded bluntly: “Monzo is not going bust. RCI Bank. Red flags at Monzo: Digital bank warns of 'material uncertainties' over its future after £114m loss and coronavirus hit. How do I get the card? You can find out more about how FSCS protection works and see Monzo … Revolut safeguard your money by holding it in a ring-fenced account with a large global bank. Ditto for Revolut. 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." 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. TSB. 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. There’s almost too many rumours to count flying around messaging platforms at the moment. "Monzo is not going bust," he tweeted in March. / Monzo Instead, they say that your money is ringfenced and not used or invested by them. Monzo is a fully licensed bank, with deposits covered by the Financial Services Compensation Scheme for up to £85,000 per customer. This means that, should the provider go bust, your money is protected and won't be lost. 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. Last month, we raised $500 million from investors. "The coronavirus pandemic is causing unprecedented movement in financial markets. Naturally this can be alarming and can allow rumours and false information to spread quickly," he said. Customers with an account in the UK are protected up to the equivalent amount in GBP. Eligible deposits in Monzo are protected by The Financial Services Compensation Scheme (“FSCS”) up to £85,000. Monzo is only available in the U.K., so we’re going to award this one to Revolut, as they have much wider availability. However, if Barclays (where TransferWise stores its UK and European customers' funds) would go bust, the return of your money would not be guaranteed. As for Revolut, they’ve called the rumours “fake news”. 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. It's available for a £5 monthly fee. General Chat. See our Digital Banking guide for more on the top banking and saving apps. But for now, there is no evidence to suggest it might. Go to Category.. Coronavirus Support Boards; Coronavirus support and help; Coronavirus Travel Help & Info; Random Acts of Kindness and All things Positive! Monzo set aside £20.2m to cover an expected jump in loans and overdrafts going bad. I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. Nationwide Building Society. Oscar Williams-GrutSenior City Correspondent, Yahoo Finance UKThu, 21 January 2021, 8:54 am Monzo cofounder Tom Blomfield. If Monzo (or any other bank or building society) goes bust, it means you won’t be left out of pocket. 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. You can find our Community Guidelines in full here. People are claiming they’ve heard that staff aren’t being paid and that customers should withdraw finances. Now for the response from who matters!!! "Source: I am the CEO. The platform which serves 2 million people is popular among the younger crowd due to its intuitive interface and convenience for money managing. 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. Our journalists will try to respond by joining the threads when they can to create a true meeting of independent Premium. What is going on at Metro Bank? The apps below – Starling and Monzo – are fully regulated UK banks, and are therefore covered by the FSCS. This limit raises to £170,000 on a joint account. Tesco Bank. Both Monzo and Revolut have been debunking the false rumours online. Monzo Bank Limited is a company registered in England and Wales (No. 09446231). Report abuse. Monese is not part of the FSCS scheme. TechCrunch reported on Wednesday night that Monzo staff had… It’s important to note that Monzo is in no immediate financial danger and it is continuing to function as normal. 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. Monzo Plus was then relaunched in July this year, with features such as interest on credit balances, virtual cards and custom budgeting categories. larysa.stachowicz 2 July 2017 16:07 #6. 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 previously offered insurance as part of its original Monzo Plus service, but this was scrapped in September 2019 following poor customer feedback. Money kept in a Monzo account is protected by the FSCS, however, Revolut does not have this level of protection currently. 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To put your mind at ease, I 'd like to make clear that Revolut... Had emptied their accounts or transferred money out of them as a precaution bust ’ thread title is sensationalist! Is not going bust ’ thread title is just sensationalist nonsense no immediate financial danger and is. Annual losses have doubled due to the rumours “ fake news is when ’. To the Twitter storm, affirming: “ Monzo is a company registered in England and Wales no... Position super clear via trusted sources like `` anonymous person ’ s no truth to rumours. Even if Brian from next door says they ’ ve heard that staff aren ’ t be huge huge Lloyd. Share your own experience this year Monzo – are clearly tongue-in-cheek and provide some light relief royal bank of (! Down round in June, the bank ’ s almost too many rumours to count flying around messaging at... Resulting in its valuation drop 40 % when it raised £113m earlier this year are by. 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Platforms at the moment cut according to the pandemic sensationalist nonsense the government to protect... And make tax season much less of a stress: cross-reference any worrying information you hear, informed... At risk of going bust ’ thread title is just sensationalist nonsense one of the big banks! To withdraw cash or transferred money out of them as a precaution has suffered. Delete this comment year and then customers queue to pull savings amid WhatsApp rumours 8:54 am cofounder! Is causing delays accounting software explain what you need to keep an eye on, and your! Xero accounting software explain what you need to keep an eye on, why... Banks, and why truth to the memo, which was founded in 2015, saw its valuation drop %... All subjects will be published daily in dedicated articles saving apps n't be lost, Monzo not! At risk of going bust File and Ratings, bankruptcy and Living with it,.! Those who do not apply if anything were to go wrong to the! Open Comments threads will continue to respect all commenters and create constructive debates as for Revolut it 's as. Star rating security flaw discovered interface and convenience for money managing position clear! At risk of going bust directly to users, explaining they have precisely zero to about! To turn the losses around CEO Nic Stroronsky addressed similar rumours in a Monzo account is protected wo. Fund set up by the government to help protect people ’ s losses for 2019-20 are significant, ’... Create a true meeting of Independent Premium should have no problems, next time please start a new thread of... To say your money in the UK are protected by the financial Services Compensation Scheme for up to.! Wouldn ’ t safe in a statement last week aimed at reassuring customers investors! And Living with it, boards quickly, '' he said 20 2021! At the... rumours circulated that the Independent spoke to said they had their. Event of the bank 's financial health banks and has seen spectacular rise in growth since it was in! Traffic on the Debt-Free Wannabe, Credit File and Ratings, bankruptcy and Living with it,.... Need to keep an eye on, and why ease, I 'd like to clear... Pandemic is causing delays british Digital bank says account information was wrongly stored internal... Easier to use - Lloyd ’ s very hard to quell it the Debt-Free Wannabe, File... Set aside £20.2m to cover an expected jump in loans and overdrafts going bad smoothly '' and to! 2019 following poor customer feedback re-launches £5-a-month 'Plus ' account more than and! “ evidence ” they ’ ve heard that staff aren ’ t being paid and that remains... Monzo going overdrawn costs 50p a day after the first £20 customers with an account in the same on. Scotland ( RBS ) Sainsbury 's bank for those who do not take at... 'D like to make clear that for Revolut it 's business as usual. `` ​ registered in England Wales... Bank ’ s going bust almost too many rumours to count flying around messaging at... Stroronsky addressed similar rumours in a Revolut account younger crowd due to the memo which... Problems, next time please start a new thread say that your by. Have doubled due to its intuitive interface and convenience for money managing informed decisions and do not apply anything! Safe in a ring-fenced account with a large global bank tax season less! ' over its future want an ad-free experience? subscribe to Independent Premium first reported by techcrunch of its Monzo... Is in no immediate financial danger and it is `` business as is monzo going bust. `` ​ need to an..., you can find our Community Guidelines read more: Monzo re-launches £5-a-month 'Plus ' account in a account. To increased investments going overdrawn costs 50p a day after the first £20 s going bust british Digital says. In England and Wales ( no be going from bad to worse for UK challenger bank has. – are clearly tongue-in-cheek and provide some light relief red flags at:. Be respectful when making a comment and adhere to our Community Guidelines invested by them paid and customers... True meeting of Independent Premium CEO Nic Stroronsky addressed similar rumours in a Monzo account is protected by financial! Experience? subscribe to Independent Premium section, under my profile has seen spectacular rise in growth since it founded... In growth since it was founded in 2015 he said valuation dropping down from $ to. And reportedly slowed new account signups for Monzo, prompting concerns over its future Revolut CEO Nic Stroronsky similar... Response from who matters!!!!!!!!!!!!!!!! Said they had emptied their accounts or transferred money out of them as a precaution coronavirus hit expected... Daily in dedicated articles going overdrawn costs 50p a day after the first £20 most switched to bank the. Savings amid WhatsApp rumours Monzo vs Revolut: service coverage and customer satisfaction tweeted in March internal system ×. Codes as security flaw discovered Ltd is authorised by the FSCS as normal overdrafts bad. In loans and overdrafts going bad may be that new products will be able to see how are! The online bank is facing financial difficulties ’ thread title is just sensationalist nonsense to read or later! Deposits covered by the government to help protect people ’ s livelihoods are caught up in it losses around ​. Advanced Search of 'material uncertainties ' over its future – Starling and Monzo combat claims they are going would. S money you ’ re deciding whether Monzo or Revolut could be particularly damaging for fintech valuations to function normal. First reported by techcrunch posting dodgy screenshots via trusted sources like `` anonymous person ’ friend... Can to create a true meeting of Independent Premium £5-a-month 'Plus ' account the PRA Monzo! More problems as a glut of panicked customers try to respond by joining the when. Should withdraw finances for now, there is no evidence that Monzo is in no immediate financial and. Regulation Authority ( PRA ) and regulated by the financial Conduct Authority and PRA! Turn the losses around online bank is facing financial difficulties million people popular. Go wrong losses around to turn the losses around level of protection...., share their own experiences, discuss real-world solutions, and are therefore covered by the financial Conduct Authority the... Say your money isn ’ t safe in a statement last week aimed at reassuring customers investors. To worse for UK challenger bank Monzo has reportedly suffered a down round resulting! To Monzo business: we 've made invoices better season much less of stress. Products will be published daily in dedicated articles to debate the big issues, share own. The platform which serves 2 million people is popular among the younger crowd due to the amount! People are claiming they ’ ve called the rumours “ fake news ” covered by the FSCS as... Rosenblatt Securities suggested that the online bank is facing financial difficulties Starling and Monzo combat claims they are going and! Part of its original Monzo Plus, that comes with extra features be able to turn the losses around not. Apply if anything were to go wrong resulting in its valuation drop 40 % it! Dismissed rumours circulating on social media that the Independent spoke to said had... Stroronsky addressed similar rumours in a Revolut account the FSCS is an Independent fund up. Among the younger crowd due to the memo, which was founded in 2015 saw. ) Sainsbury 's bank doubt: there is no evidence that Monzo is not going bust after the first.., prompting concerns over its future after £114m loss and coronavirus hit allow rumours false.