when the auditors signed off their report in July 2020 do you think they had to legally take into account the covid pandemic in the annual report up to Feb 2020 year end or were they just giving an opinion of going concern for the accounting period ie up to Feb 2020 ?
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I never said the auditors, I implied the guy in the video.
Plus Monzo raised money after these accounts so technically the auditors may not have accounted this money as it was after the accounting period stated. I may be wrong but £175 million is a lot of working capital for the next 12 months.
I wonder how many customers are jumping ship based on the fears portrayed in the media, social and MSM, from this report 
It’s been posted on here in different places countless times by the doom and gloom merchants.
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I thought the same
It’s the same thing surely? They had to consider the position up to Feb 2020, including what was known about the impact of Covid at the time - the material going concerns statement itself is forward looking based on this
I dont know , we weren’t in lockdown in Feb …as far as I can remember …
the annual report has figures up to and including Feb and then guesstimates of bad debts etc after then, would they have changed their estimates of bad debts from Feb guesstimates , when we as a society were functioning pretty much as normal to the July sign off when we had been in lockdown for4-5 months - I would assume they would have to legally ??
I wonder did Monzo off their own bat decide to delay their financial report publication to give a clearer picture of the effects of covid or were they legally required to ?
It sounds like a lot of money but isn’t that much if Monzo’s losses don’t reduce going forward.
Remember, Monzo’s can’t use all that £175m as some of our had to be kept for regulatory purposes and to be part of the faster payments scheme etc.
“operating costs” which made up part of the £113m loss from this last year ?
I’m not an auditor but I believe the figures is the report are based on the losses expected at the end of Feb 20 - so are likely to increase next year, given the lockdown post dates this. I don’t think firms can adjust things as you suggest.
If you look at p130 of the annual report:
I completed my switch out from monzo yesterday…
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To legacy?
I do agree the support has been awful. The only thing stopping me from switching back out is the app. It’s just a better experience than my other banks. But it won’t take much more for me to give up.
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Both Revolut and Starling have equivalent functioning apps in my opinion - their support is mostly instant too.
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True but I just prefer the Monzo app over Starling’s the look, functionality how pots are organised features etc… although Starling are innovating more. And I won’t touch Revolut as they are nothing but trouble and are an awful company.
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Kids accounts would appear to me to be a route to making a few bob, maybe not millions but the kids do eventually grow into adults and if what monzo offers is good then why would they look to leave.
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I think the word eventually is the operative one there.
I’d see kids accounts as a way of making losses now in the expectation of profits later which is not exactly a model that Monzo can afford to extend their exposure to just now.
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Perhaps there’s an opportunity for a ‘Family Plus’ account that includes accounts for children along with parental management tools for the child accounts. These could mature to standard or Plus accounts when the child reaches adulthood?
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Maybe why they are available to 16 and 17 year olds but not younger? Just waiting too many years to make money from those 12 year olds
It would be interesting to know what combination of funds held and transactions per month would be required to actually make any money from a 12 year old and see how that compares to the real spending and saving habits of anyone that age.
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