This morning, a writer at the Times published an article claiming that we’re lending money to customers to buy shares in a supposed “overdraft offer” as part of our recently announced crowdfunding round. The writer has chosen to paint a particular picture and taken comments from users on our forum out of context to support a negative piece about our approach to this raise.
Very well written response.
I read the front of the article (it is behind a paywall to read the full thing), and had to assume this wasn’t the full picture. I read all the investment material and the tiny bit of The Times article didn’t gel with what I had read in the materials or on the forums at all.
A Monzo spokesperson said: “We are committed to lending responsibly, so we only offer overdrafts to people who have a good credit history and can afford the repayments.
“We’ve made people aware of the risks that come with crowdfunding. We don’t think it’s our place to restrict how people spend. Before investing, customers also need to pass a regulated test to make sure they understand the investment — and anyone who doesn’t pass can’t invest.”
It’s a loaded question - accuse Monzo of “letting” people get into debt to buy shares, or accuse Monzo of taking a paternalistic approach towards their users, restricting their choice. Mostly it’s The Times using a hatchet-job article to parasitise Monzo’s popularity though.