Monzo no longer replying (yes or no) to requests to sell shares

Hi All, been waiting for a reply since July but seems Monzo are no longer replying to requests to sell shares even in exceptional circumstances.

I appreciate that this is an illiquid equity and that you should not expect to be able to sell crowd funded shares, but if that is now the case with Monzo shares they should really update their records to remove the “exceptional circumstances” reference as it gets people’s hopes up who maybe in serious financial difficulty and are hoping to sell their shares.

You haven’t mentioned how you’ve tried to contact them, how often, if you’ve got a buyer and so on…

What steps have you followed so far and where are you up to?

There are plenty of cases on this forum where people have had their requests accepted and rejected. So I’m not aware of any changes to support what you’re claiming?

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Request went through crowdcube who submitted in to the 1st August Monzo board meeting - been speaking with Becca and Hollie 3-4 times since (checking every 10-12 days) and they have not been able to get an answer

Been contacted by 2 other people saying they are having the same issue and have not heard back with an answer either way.

I submitted all the information they requested so it is a legit application to sell.

You’ll need to do some reading up on here. There is an abundance of information available that I’m sure will help. I even recall someone detailing every step they took etc.

I’m sure I read somewhere that meetings are every 6 weeks too? but I’m not entirely sure on that :confused:

Either way, if you only submitted yours on the 1st August you’ve only missed Septembers, so I wouldn’t say that this is indicative of them no longer accepting requests. It could simply mean that they didn’t have time to fit it in that months agenda? :man_shrugging:

It could be a whole load of other reasons too but nobody on here can sadly help with that. Your best bet is to keep periodically chasing them up as you are and I’m sure you’ll have your answer soon :slight_smile:

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Hi appreciate your trying to help here but I think your mis-reading and I don’t want to keep repeat posting
In summary
I applied in July for the meeting in August, it was accepted and submitted heard nothing, have chased crowdcube but they have not had an answer been 7 weeks, no read ups necessary as
Crowdcube have confirmed that they are just not getting replies from Monzo

I never insinuated there was a misunderstanding so apologies if it came across that way.

I just said nobody on here can help but you can read through peoples similar experiences if you search through this forum :slight_smile: Hopefully that will ease your concerns and will reassure you that Monzo haven’t officially stopped accepting submissions like you feared.

These things do take a long time so your best bet is to keep emailing :slight_smile:

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No problem I get you are a supporter of Monzo and I am not looking for help I just think it might be useful for others to know that selling requests are no longer being responded to.

FYI Its not just me having this problem, as I have said 2 others have DM’d saying the same.

A supporter?

Don’t confuse the fact that I’m an investor to mean that I’ll defend Monzo even when they’re in the wrong :laughing: You’ve only had 2 people mention it but there are considerably more people to counter this if you read up a little on here. That’s all I’m saying :see_no_evil:

Let’s not go off topic though. As mentioned, sadly nobody on here can help so I’d recommend that you put your concerns in an email or perhaps try going through support in app :slight_smile:

Edit: And stop editing your replies so much. It makes mine look really random lol :laughing:

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Try see if you can get crowdcube to chase it up properly rather than just wait.

Also it’s not clear if you contacted Monzo directly yourself, I would try that also.

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Thanks but crowdcube control the sale process so you can’t go directly to monzo unless some one else on here who has successfully sold can say different
What do you mean chase them properly As said in posts above I have chased up and spoken to Becca and hollie 3-4 times

I know officially you can’t go to Monzo, but I don’t think it would harm sending Monzo an email asking if they know why there’s no decision.

I don’t mean you should chase crowdcube , try getting crowdcube to actually escalate this and speak to a contact at monzo, it sounds like they are just waiting for a reply from monzo not actually doing anything

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I will send another chaser today and ask if they can update share holders if the policy has changed on “exceptional circumstances”

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I am facing exactly the same issue. I have given all the details requested and Crowdcube just keep saying they are waiting for Monzo to make a decision.

As of this week I am not even getting replies from Crowdcube anymore (unless the person is on holiday without a holiday auto responder). I have only been asking them roughly every 2 weeks for an update.

If only I knew when the board meeting/decision was going to take place it would help my stress levels a lot.

How about not selling… you could be costing yourselves a lot in future for a quick payout now.

Obviously we know that but circumstances dictate the need and you can only sell under exceptional circumstances so that should really give you an idea that this is not a rash decision.

Are you a share holder ?

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Yes

You don’t have an investor badge / rocket against your name so was not sure :thinking:

It’s optional, we’ve not all gone for it :wink:

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I thought the latest terms changed the need for Monzo to Approve?

This is really not acceptable for people struggling financially.

I don’t want to point fingers, but Crowdcube are being paid a (relative) pittance to manage the basic ongoing nominee formalities (such as holding the data in a spreadsheet and that is all), they have been screamed at by us for trying to manipulate their Monzo nominee terms towards charging transfer fees and so now they have zero incentive to invest their time and effort into facilitating a secondary market in Monzo shares.

I don’t know what the cause of the lack of movement is, but someone at Monzo needs to take charge of the situation as Monzo are ultimately at fault here.

I recall when they tried to recruit a ‘Crowdfunding Lead’ before the last round the job description said the person would transform into a community-focused shareholder ambassador after the fundraising was completed. However, they never recruited this person and gave the campaign management role to Crowdcube instead (presumably because Crowdcube offered to do it for virtually nothing as they were desperate not to be overlooked) with no follow-on shareholder ambassador role. This person is needed more than ever now.

Now that Monzo is growing much larger departments are getting siloed instead of cross-functional (as @tom spent many pitches claiming is something he hates about big banks) and now issues that don’t fall within any particular department or speciality like this one are being ignored by all the staff who have their own specific problems to deal with, whereas in the past there would be all rounders like @tristan who would tackle issues like this and get them fixed whatever the department it belonged to, but alas you can’t even summon these people like genies to the forum anymore as they are far too busy and rich and don’t care about the community anymore (prove me wrong guys :smiling_imp:)

If Crowdcube are sitting on their hands because of avoiding admin costs, Monzo need to either agree to pay them a fee to cover their costs or threaten to move the nominee management elsewhere / do future rounds with Crowdcube’s competitors.

If the fault is purely on Monzo’s end then they need to either sort out this dumb rule about waiting for a director meeting every once in a blue moon or they need to drastically improve the communication with investors.

Just to reiterate, this is not acceptable from Monzo.

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