Monzo is a well known and quickly growing company in terms of customer users and recognition. However, what is clear is that its current operations are only possible due to large funding from VC’s. Now that this epidemic has hit the UK, my question is do we think Monzo will be able to cope. I imagine it’s going to require some funding and require it fast to get out the other side.
This being said, I strongly feel this is a great opportunity for Monzo if they can survive this period as many major institutional banks will be heavily impacted and thus allow a better chance for Monzo to fill the gap.
Any thoughts and opinions are welcome! (I am a university student, so please take my opinion lightly)
Folks, remember to be kind, there’s no need to jump on OP for asking a fair question.
It’s a question that many businesses are asking themselves right now and the truth is, these are unprecedented difficult times for everyone right now, and nobody or company is exempt.
I do know that Tom has been in back to back board meetings for the last few days, and a lot of decisions are being made, and whatever the outcomes of those decisions are will be communicated to you all with candor as they happen. We are in a good position compared to many companies - we have a lot of capital, we have a strong customer base, we have a workforce that has already easily adapted to remote working (many of us have been primarily remote for years already) and we have an incredible executive suite and board. Other banks have systems that are difficult to adapt to remote working, and we’re lucky that we aren’t in such a position.
With that being said, advice, plans and figuring out the impact of everything that’s happening in the world is changing by the day if not by the hour at the moment and one thing that’s pretty clear is that this is a seismic change for all businesses. Business plans will change, hard decisions will be made and what projections and thoughts were true even just a few weeks ago, will need radical reshaping.
One thing that we intend to stay the same is our commitment to transparency. When these things get figured out, we’ll aim to keep you in the loop as much as we always have done, if not more.
I’m confident that we have incredible people at the top of this company committed to figuring this out, and from my limited exposure to what goes on at the very top of this company, I believe in that team.
Yes, they do, though not really to plan for stuff like this. They recently changed the rules to get rid of the countercyclical buffer to free up some capital
