Itās quite subjective so there will be differing opinions, but personally I think Monzo have gone about it in a very classy way and showed they are a compassionate employer, while also balancing other stakeholdersā interests.
I have two jobs and one of my employers just dropped me an email a few days before the furlough scheme was even announced, informing me that sales have slumped and Iāll not be required until further notice. The other employer sat on the fence for a couple of weeks then came up with some crazy plan to work one week then have a week off then work then be off again, when there isnāt even any work to do. In that job the other staff were like ācanāt we just be furloughed and get 80% for being at home instead of this halfway nonesenseā and they were told no as the decision had been made already.
Monzoās version seems fantastic in comparison, especially as employees have some choice in the matter.
As for Tom having wealth on paper so having some duty to not use government benefit schemes , well thatās just nonesense imho. Firstly you canāt just single out one person out of many and secondly this government scheme is to compensate businesses and individuals who have lost out, to kick start the economy out of cardiac arrest and to ensure that no one is sacked where their job just needs to be held for them for a few months.
Monzo have been massively affected by this crisis - signups down two thirds, revenues off a cliff, funding round in jeopardy, short term outlook very bad. So why should they feel any guilt about using the governmentās scheme designed to help companies such as them?
Iām not sure if the exact timeline but it may be that the announcement of Starling etc (10th Apr?) was after that article was published (9th) No reason why it couldnāt be updated though!
lol just about a small crowdfunding round size then if they go for the biggest on offer (Ā£5m) , should take care of the advertising budget for the year
You could actually argue this is very bad news for Monzoās existing shareholders if it takes part in his scheme - given the terms that the government will impose on its investments - plus a worrying sign about Monzoās working capital/cash burn levels.
Monzoās working capital has become low enough that they need to raise more investment.
having to go for a govt scheme means itās existing investors are not willing to back it with more money at the moment.
it appears firms will need to pay a minimum of 8% on the money borrowed (quite high and difficult to see how Monzo will make money on this) and that the govt will then get shares at 20% discount next time it issues shares
this is the start of the twitter ā¦ Monzo as far as i know are out of the A and B startup funding rounds
flippen heck thereās nowt better than a bit of a conspiracy thread to suggest things based on the Monzo icon being on the front of " Future Fund" that Monzo are applying for the fund for start ups because ā¦ a / b / c , put your theory here
Tom is actually giving advice and advertising the Future Fund on twitter to small startups through some of his followers that have small startups , because he and the founders have some experience with small startups so have a lot of followers wishing to emulate their success from small start ups ā¦ lol but the Monzo icon on the front of the Future Fund release picture from the Chancellor must meanā¦ Monzo are applying ā¦OK
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tbutz
(š³ļøāš Producer of "low value commentary")
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The idea that you can have a favourite artisanal flour mill. Like there are several, but that one is just the best in your eyes.
, should take care of the advertising budget for the year