The fallout from the Covid-19 pandemic casts “significant doubt” on Monzo’s ability to continue as a going concern, says the challenger bank in its annual report, which shows a £113.8 million loss for the year.
Monzo has won over 4.4 million current account holders since its launch in 2015, taking on the UK high street giants with its app-based services and securing a valuation in the billions of pounds.
However, it has been battered by Covid-19, with new CEO TS Anil admitting in the annual report that the virus and its economic consequences are having a “significant impact” on the bank… More here.
I use Monzo and have been extremely impressed by the service, the simplicity and the overall approach. It concerns me that this could be the start of another run on the banks, just like we saw in 2008. Let’s hope not.