Did Monzo ever get any cash?

I know there has been some controversy over the Starling handout as the CEO and the person deciding where the cash goes are apparently friends

But I know Monzo was looking to apply for this to help there Business accounts - I wondered if there was any news?

Monzo didn’t apply in first round but are applying in second. (According to responses in linked thread

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Yeah I read that just was curious if there was a reason Monzo wasnt in the first one?

Or why they didnt apply for the first round?

I think the first round was for entrants that already had a business account launched at point of application, but I might be completely wrong about that.


I think when applications were open for the first round Monzo were still concentrating on the Current Account and the Joint Account, and so they started developing a Business Account after first round applications closed.


That makes sense thank you

It does feel like they completely missed the boat on this first round of awards.

If I recall, Monzo had no interest in building a business account as it would be a distraction from their core gameplan, however they only recently did a 360 when they realised they could get some serious free money if they pursued it. But it seems their U-turn was a little late for them to be included in the first (and main) handout.

Poorly advised perhaps? Too cash rich to care enough about a small handout with strings attached? Certainly compared to Starling who seem to be well in the know and timed everything perfectly to be included in every category.

I wonder if Monzo’s perceived ignorance on this huge potential windfall can be put down to assuming that it would have been far less than £100m? At the time they would have needed to make the decision it was speculated that Santander, Metro, TSB and Co-op were all in the hat - over £50bn of “challenger bank” all with established business bank accounts vying for £700m of cash - surely a tiny startup like Monzo would only get a tiny proportion of that if they threw together an MVP?

Well it turns out that no, you wouldn’t get a tiny proportion, you’d get about £100,000,000! :astonished:

I completely agree with almost everything you say…

But would it be a 180 or a 360? :joy:

All I can think of with a 360 would be the Monzo business team doing this in their team meeting…


Ha! Just imagine him saying “we have no interest whatsoever in offering business accounts”, doing the flip and then saying “we’d love to offer business accounts” and there’s your 360

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Looks like Monzo missed out on the latest round with Nationwide getting £50m and Investec & Co-Op getting £15m each:


Interesting since Starling got the largest sum in the last round and I would say they were very similar banks (I know the criteria was a little different for the two funding rounds) but both Starling and Monzo are very similar in terms of how they operate as a business

All is not lost?

“Earlier this year Metro Bank, Starling Bank and Clearbank shared a £280m in the grant’s first round of funding. The BCR will hand out two further grant pools worth £50m later this year

Monzo are still carrying on regardless too. The discussion about it is over here: