First Metro Bank gave back £50 million and now Nationwide have also - Who ever decided where the Grant funds should go should be sacked - now they have to do it all over again
If Monzo does not get any on the new rounds then the whole thing should be investigated
What a waste of time and money and has delayed Monzo’s progress - however it might be a blessing that Monzo delayed their business accounts due to the terrible COVID-19 pandemic
Bit harsh. While the Metro Bank grant was arguably a mistake, you can’t blame RBS for Nationwide handing their grant back. Nationwide have said this is a direct result of Covid-19 affecting their plans and ability, and there’s no way RBS could’ve factored that into their decision back when.
You make it sound like Monzo are entitled to it and were front runners to get it. Was it hinted at they were going to get it then didn’t? I don’t remember.
Have you guys seen who else they gave money too and the stories behind them.
According to the times Sterling committed in their bid to lend £913 million by end of 2023 and has so far lent - 1 million = 0.1%
2.TIDE got £60 million and does not even have its own banking license they partner with a bank called clear Bank - whoever they are.
Metro bank had problems known before the award including issues with Accounting issues and Iran and they still got an award
Nationwide is a building society and has never really shown interest in business accounts and have given the money back probably because they realized they should still to what they do best - wasting everyone’s time in the process
People including politicians have been asking for an enquiry before me
Still think I am being harsh
Makes my blood boil that they have awarded so poorly and basically slowed everything down.
Monzo didnt have a business banking option at the time that was anywhere near launch , Matt Heath admitted this some time ago , Tom Blom said publicly that Starling won the award fair and square. _ hopefully with the Monzo business banking offering this time it might be different, nice to have another go at funding 
The whole idea is to encourage more competition - if that meant giving cash to Monzo to speed up their offering they should have done it - all they have done is awarded poorly and now have to do it again
Even before COVID Starling were not evening lending to business anywhere near to what they promised
That is for Starling to deal with, it would however be a great time for Starling to dig deep in to the award to help out if those were the terms … I agree it was to encourage more competition in business banking , fingers crossed now Monzo has something to offer in way of competition “they” realise this
I hope so too Ian - if starling started supporting small businesses to help them rebuild their businesses after COVID 19 I would gladly tip my hat to them and eat my words
And having Monzo as competition hopefully with a £50 million award in their coffers would concentrate starling and Tides minds
Thanks for your input but I doubt the thousands of small businesses who could have secured funds by now if the RBC had run this process properly will be in a position to “chill” right now
It was run properly. We are in some unprecedented times right now.
Well hopefully the fund will be reallocated and will lead to an increase in competition in the business accounts market
Chapuys - fancy following that statement up with some facts on why you think it was run properly - I have listed 5 why I think it was nt
Majority of my reasons are PRE COVID 19
Let’s let this breathe a bit. It’s become a bit too confrontational to be much use to the wider community at the moment.