Refused by Funding Circle because we use Monzo!

And I quote:

> Hello,

*At the moment we cannot accept Monzo as this would be a e-money platform and not a bank strictly speaking. *

We are looking to improve on this, however due to security reasons and internal regulations we cannot currently proceed I’m afraid.

For additional guidance on funding, please visit the dedicated pages on the British Business Bank at:
Recovery Loan Scheme: current accredited lenders - British Business Bank

and on the Government’s website at:
Recovery Loan Scheme - GOV.UK
Best wishes,

Maddie
Funding Circle Team

> Blockquote

Monzo is a bank though. Revolut is the big name that isn’t actually a bank.

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They are wrong.

Email acceptance@monzo.com

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If you’re after a business bounce back loan via the covid emergency facility then this would be accurate, I believe. If you’re after a regular loan then it shouldn’t matter.

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Would it? I thought the list was of people who could issue such loans, not which banks they could be sent to? Funding circle is on the list, surely it can then send the money to any business bank account?

Also isn’t Funding Circle an e money institution and not a bank strictly speaking :thinking:

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Not sure what bit you’re thinking of, but this bit is just factually incorrect. I’d complain (and let Monzo know):

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Sounds like an inexperienced Customer Services Rep rather than an official company position.

I’d make a complaint so you know it’s going to be investigated properly.

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I’ve used Funding Circle and Monzo together, so not sure what they’re talking about :blush:

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Robsug - that’s great info - thanks!

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To get a loan or to invest?
I’ve also used Funding Circle with Monzo but only for investing.

I think @Tricky is trying to get a loan.

Ah it was to invest.
Still though, they should be able to get a loan.

Same issue here, but for a normal loan (we even have another loan with them, but took that out while we still banked with Barclays) … the response we got was:

Unfortunately we are not able to help when a business banks with Monzo. This is to do with the checks caried out when opening the bank accounts/their regulations.

It was from a senior account manager. Will try the acceptance@ email, but I am not hopeful.

wow burn! what’s that got to do with them, it’s between the FCA and Monzo surely.