Monzo as a going concern

Good evening everyone.

I hope you are well.

I have a Monzo Plus account, I use Monzo as my primary account.

As I am sure everyone is, I am concerned about the recent news around the future stability of Monzo.

What happens if Monzo end up shutting down? Will we get a warning, to enable us to move funds?

Will funds be stuck?

Apologies if this has been asked already.


Read this Twitter thread.


Or this twitter thread


There really is no “recent news”, as I understand things, just some required words in an annual report that someone seems to be sensationalising. If it’s coming across as “news” then I guess they’re achieving their aim :frowning:


As I understand it, Monzo is in no danger of immediately going under. Indeed, the annual report says that they are a going concern. This quote has, I think, been overlooked:

These statements are prepared on a going concern basis
The going concern basis is dependent on
maintaining enough capital to fund the balance
sheet and meet our capital requirements. The
Directors have considered a number of factors
including the current and forecast performance
of the Group and the impact the COVID-19
pandemic is having on the business. Based
on this we have made an assessment of going
concern, and that the Group can operate for at
least 12 months from the date these financial
statements are approved.

Emphasis mine


There are enough savvy people running Monzo to keep it going through this difficult period. :+1:


Monzo could even crowdfund its customers, they got £20m off us in about 3 hours last time. Monzo will be fine, for at least the next 12 months anyway but probably forever. Almost every bank is posting heavy loses. Natwests £1.3billion loss in 3 months, Lloyds £700m loss etc.

Who is playing the the title? :roll_eyes:


I’m fully expecting a large number of companies who have financial statements signed off from mid-March and who are subject to statutory audit (and therefore will have an ‘audit opinion’) to have similar emphasis of matter paragraphs relating to material uncertainty, just as in Monzo’s case. This isn’t going to be anything out of the ordinary.


Agreed !! In relation to some people the words bandwagon and jumping spring to mind!:roll_eyes:

The topic title should technically be: “Is Monzo a Going Concern? [Answer = Yes, for the next 12 months, in the opinion of the Directors]”

As long as it’s not the same auditors who looked at Carillion, we can probably be reasonably comfortable they’ve looked at this in some detail and agree they’re a going concern.

Looks like everyone is having a blast editing the topic title regardless :roll_eyes:

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I’ve always held off opening a Starling account, despite the obvious near-parallels with Monzo.
I have enough backup legacy accounts to last a lifetime - all of them never used now. I operate with a one-is-all day-to-day banking philosophy which is currently a Monzo Joint Account (with emergency back-ups from HSBC, Barclays, etc. - as anyone should have)

After the last few days of news following the annual report, I’ve considered looking at Starling, mainly to have there as a just-in-case, non-legacy banking option.

I researched Starling as I would with any other ‘purchase’ and today, I downloaded the Starling app. And installed it. And ran it to the point of signing up.

Then I slapped myself and told myself to get real. Monzo is going nowhere, regardless of who is at the helm. And there are seasoned people on deck now. The tech is there, the fundamentals are there and the passion is there, even if familiar faces are leaving. They all helped build what it is and did an amazing job.

It isn’t going to fold overnight or be sold or dissolve over a short’ish period - if it does, I’ll eat my invested CrowdCube ££’s (as will every other ‘individual’ investor unfortunately)

‘Think different’ springs to mind, although that tag has been used to death before now. And while everyone else has the right to choose whatever they want, I’m sticking with what I feel is right, right now.


What happens if Starling’s report says the same as Monzo’s? :scream:


Then that would be plagiarism.


I am not concerned at all.

Monzo is my main account. Income and DDs

Have plenty of other accounts for various purposes too.

I am sure some of those other banks will publish similar reports.

Going nowehere :grin:


Time to go back to the basics: banknotes and coins.

Remember you are on a fan forum so you will get slanted advice - so my advice is do not rely on one bank, if all your money is in Monzo move some of it to a different bank. You should do this regardless of current difficulties.

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Don’t you mean bartering for a bushel of wheat?!


Hey all! Can we please stop with the ping pong on the thread title, please?

The current one (“Is Monzo a going concern? [Answer: yes]” seems reasonable and fact based to me. Let’s not play with it.

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The opposite can also apply. If all your money is in another bank, you should move some to Monzo :wink: