Monzo in the media

Didn’t everyone except Starling end up handing back the money they were awarded?

And Monzo did apply for the second round as I recall.

1 Like

That’s not a reflection on Starling. They got the money rightfully and - as the figures show - used it to improve their offering, customer numbers and to shoot for profitability despite COVID.

Nationwide and Metro handed the money back but not out of the goodness of their heart. The former decided not to do SME banking after all and the latter was discovered to be making major losses

3 Likes

Only metro and nationwide did: Capability and Innovation Fund – BCR

1 Like

What’s your source for this info?

2 Likes

I would say “government funded” is a bit of a stretch, terminology-wise, but I couldn’t escape Starling advertising for a while after the government-mandated RBS fund that happened to select Starling

I guess someone could twist it that way… Same way someone could suggest that any advertising Mono did immediately after they got welsh government funding was also government funded

3 Likes

It’s okay to just disagree and for the forum to be a place of sunny joy on a Sunday

Anyhow, in lighter mood, this is not Monzo, but it is the media and I liked the similarity of logos

2 Likes

The purpose of the grant was to increase competition in the SME banking sector, so I’d say using some of it for advertising was consistent with that aim.

“Government funded” is such a weird way to look at that.

3 Likes

I completely agree, which is why I used the word twisted to describe the comments from @Sachaz Whether a grant from the government or in RBS’ case, mandatory funding to create competition both have specific purposes. In Starlings case they expanded their SME offering and in Monzo’s case they created local jobs and wealth.

3 Likes

Not about Monzo specifically, but other banks, and it seems highly relevant considering it is banks being called out for their anti fraud processes not being good enough.

BBC News - FinCEN Files: HSBC moved Ponzi scheme millions despite warning

Fairly positive stuff:

Flattering our seemingly often fragile forum egos will always be a winner too:

Monzo also prides itself on user feedback and has a busy online forum where users can raise concerns or suggest new features. If you decide to use Monzo then make sure you read the forums as it will help you get the best from the product. Being able to influence the development of your bank makes a refreshing change.

:heart:

8 Likes

image

4 Likes

saw this today, the last part of the article was interesting

And…?

it’s interesting how easy people still fall for these types of scams, should of had red flags when your talking to your bank and they giving you information (money) of what’s in another account with another bank.

I can’t read it because it’s behind a paywall, but there’s been multiple instances of this on here recently where the person has got their money back.

So there must be more to this story.

2 Likes

“Lloyds” told idiot to take out a Monzo loan and transfer it to “Lloyds”

Although this ruse was quite elaborate, the crux of it was rather basic. Once the loan had been taken out, you followed instructions to move the money to a “safe account”. It was actually the fraudsters’. A real bank will never tell you to do this.

You also told me it was the fraudster that took out the loan. But Monzo told me it was in fact taken out on your device. Had the £3,000 been from your own funds, you would not see a penny back, it said. But since it was a loan Monzo has agreed to write it off as a goodwill gesture.

1 Like

ohk, i didn’t realise its behind a paywall, i’m not subscribed to it i saw that article came up on google search app

I’m intrigued now. How can you convince someone to take out a loan and then move that money to a safe place? :confused:

4 Likes

What is this weird signature about?