lso understand from sources that a number of Monzo’s later stage investors played hardball, in a bid to force down the challenger bank’s ticket price, perhaps after investing at the height of the funding market pre-COVID-19. What is also interesting about the new round is that the share price is the same as the bank’s last equity crowdfund, meaning that the most recent armchair investors haven’t seen a paper loss.
Monzo is also disclosing that its business banking product has now reached 25,000 signups. Launched officially in March, the business bank account is aimed at sold traders and SMEs, with both free and premium paid-for versions available, offering various feature sets.
Meanwhile, it has been a turbulent time for Monzo, as it, along with many other fintech companies, tries to insulate itself from the coronavirus crisis and resulting economic downturn.
Planned layoffs in the U.K. were communicated internally earlier this month — up to 120 but now thought to be around 80. It followed earlier U.S. layoffs and the shuttering of its Las Vegas-
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