Ditto for Revolut. The existing Open Comments threads will continue to exist for those who do not subscribe to Independent Premium. This means your money is protected in exactly the same way as it would be with a big traditional bank, such as Barclays, HSBC, Lloyds or NatWest. UK challenger bank Monzo has reportedly suffered a down round, resulting in its valuation dropping down from $2bn to $1.24bn. See our Digital Banking guide for more on the top banking and saving apps. A recent report by Rosenblatt Securities suggested that the Covid-19 outbreak could be particularly damaging for fintech valuations. The Monzo Community forum is where Monzo users come to help build the bank of the future, and get the most out of the Monzo current account. ” which actually can cause more problems as a glut of panicked customers try to withdraw cash. Independent Premium Comments can be posted by members of our membership scheme, Independent Premium. Our journalists will try to respond by joining the threads when they can to create a true meeting of independent Premium. Instead, they say that your money is ringfenced and not used or invested by them. The FSCS is an independent fund set up by the government to help protect people’s money. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA. The team at Xero accounting software explain what you need to keep an eye on, and why. Although consumers should be aware that as Revolut is not a UK-based bank, the same FSCS protections do not apply if anything were to go wrong. Monzo is a fully licensed bank, with deposits covered by the Financial Services Compensation Scheme (FSCS) for up to £85,000 per customer. Tom Blomfield, the boss and founder of digital bank Monzo is quitting the company at the end of this month, and admitted he stopped enjoying the job around two years ago. Do you agree with Monzo’s star rating? Photo: Monzo Tom Blomfield, the founder of startup bank Monzo, is leaving the company at the end of the month, citing struggles with pandemic-related stress and frustrations leading a large bank. Join the discussion. As “evidence” they’re posting dodgy screenshots via trusted sources like "anonymous person’s friend’s dad". Going overdrawn costs 50p a day after the first £20. Read our cookies policy. What happens if the company goes bust? Monzo review Monzo is an app-based bank that offers a range of current accounts, savings deals and loans which was formed back in 2015. Shares down 87% in just over a year and then customers queue to pull savings amid WhatsApp rumours. But for now, there is no evidence to suggest it might. Scaling Up: Monzo’s Infrastructure Monzo, which built its own back-end, has scaled up using the open source Apache Cassandra as its transactional database, with its application code written in Go. The modern-day bank now has some 1.7 million customers Monzo CEO Tom Blomfield responded directly to users, explaining they have precisely zero to worry about. TSB. Monzo Bank Limited is a company registered in England and Wales (No. The UK lockdown has reduced card spending and reportedly slowed new account signups for Monzo, prompting concerns over its future. The FSCS covers up to £85,000 of your money in the event of the bank going bust. If too many people withdraw their funds at once, ironically they can create a self-fulfilling prophecy that does place the bank – and your money – in trouble. In short, no. Your ‘Is Revolut going bust’ thread title is just sensationalist nonsense. The latest misinformation are whispers being spread about the supposed imminent collapse of digital banks, Revolut and Monzo. This covers up to £85,000 of your money in the unlikely event of a bank going bust (for more on this, see our Savings Safety guide). Even if Brian from next door says they’re true. "The coronavirus pandemic is causing unprecedented movement in financial markets. Tesco Bank. Read our full mailing list consent terms here. I agree Should I be worried about my Monzo account? Mr Blomfield previously dismissed rumours circulating on social media that the online bank is facing financial difficulties. The startup bank, which was founded in 2015, saw its valuation drop 40% when it raised £113m earlier this year. And with 98% of Monzo’s deposits (£1.4bn) remaining untouched, there is some evidence to support Levine’s optimistic assessment. "To put your mind at ease, I'd like to make Revolut's position super clear. If you have Monzo Plus, or you rely on Monzo more for your everyday banking – more on Monzo's criteria for this below – you won't pay fees for any cash withdrawals within the UK or EEA, and will get two free card replacements per year. Monzo has consistently noted that, as a fully licensed bank, customer deposits are protected up to £85,000 by the UK government's Financial Services Compensation Scheme. In March, CEO Tom Blomfield - who has since moved on to take up the role of president - hit out at rumours about an imminent collapse, insisting "Monzo is not going bust". account is fully protected up to £85,000 by the, Spreading false information about the precarity of banks is particularly dangerous; it can lead to what’s called a. Photo: Monzo Tom Blomfield, the founder of startup bank Monzo, is leaving the company at the end of the month, citing struggles with pandemic-related stress and frustrations leading a large bank. Worryingly, the bank has said the Covid-19 pandemic has placed “significant doubt” over its ability to continue as a going concern, according to a report from CNBC. New to Monzo Business: we've made invoices better! It’s important to note that Monzo is in no immediate financial danger and it is continuing to function as normal. Nationwide Building Society. Founder/s: Gary Dolman, Jason Bates, Jonas Huckestein, Paul Rippon, Tom Blomfield Total funding: £507M Monzo is for people who live their lives on their smartphones and for those who want to get things done in a click. Britain's Monzo flags going concern doubts due to COVID-19 impact 30/07/2020 'He was a radical': John Belushi remembered by his wife and fellow comics. Alternatively, you can treat the Monzo current account in the same way as your prepaid card. TechCrunch reported on Wednesday night that Monzo staff had… British digital bank says account information was wrongly stored on internal system {{#verifyErrors}} {{message}} {{/verifyErrors}} {{^verifyErrors}} {{message}} {{/verifyErrors}}, Monzo CEO foregoes salary and offers staff furlough, Why bitcoin's bumpy revolution is only just beginning, You may not agree with our views, or other users’, but please respond to them respectfully, Swearing, personal abuse, racism, sexism, homophobia and other discriminatory or inciteful language is not acceptable, Do not impersonate other users or reveal private information about third parties, We reserve the right to delete inappropriate posts and ban offending users without notification. While the bank’s losses for 2019-20 are significant, it puts them down to increased investments. 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