Very saddened for the staff this will impact. I’m sure Monzo is a great brand to have on your CV. I hope these people land a new role quickly.
This is another huge blow to my confidence in Monzo’s future
- 120 jobs to go because of Covid (above post)
- 165 people already let go in the vegas office for cost saving measures. See first paragraph in this TechCrunch article
- Tom sacrificing his salary for a year
- Senior management team and board have volunteered to take a 25% cut in salary. See above link
- Burying the chat option which should reduce inbound demand and cut cost. Big blow to one of Monzo’s main competitive advantages imo. Their customer support was winning awards before they made this move. They could still win more though! It remains to be seen with this move.
- Huge senior management turnover in a year. See section 4 over here.
- The accidental omission of stock sales from Company house until a member of the public complains to companies house.
- Facing a 40% down round which no other fintech bank is facing this (I know the timing of the raise is probably a reason for this).
- No new features launched recently that their competitors don’t already do a better version than (business banking).
- Tom stepping down as CEO at the same time of all of this. I do hope he is going to make a big impact on product and community with this move
This is all just in the last few months by the way. It doesn’t paint a pretty picture, but it is a startup. If they close this funding round, they can leave that behind and hopefully ride through Covid-19 and out the other end to increasing revenue.