Monzo Almost Went Bust: How Britain's Biggest Digital Bank Survived

Get the best savings rates 👉 https://link.depositscout.com/roki1j In 2020, Monzo's auditors couldn't confirm the bank would survive the next twelve months. Five years later it turned over £1.7 billion. In this episode we go through the full story — the 40% valuation collapse, £539 million in losses, the scrapped US banking licence, and the rebuild that turned Monzo into one of Britain's largest digital banks. We also ask whether it can close the gap on Revolut, and whether the EU expansion is the start of something serious or another false start. Join the Discord 👉 https://link.bankingwithoutborders.co... Subscribe & turn on notifications 🔔 so you don't miss any videos 👉 https://link.technicallymoney.com/oy8e 🔊 Listen on the go! Search Banking Without Borders on Spotify & Apple Podcasts Connect with us (via LinkedIn) Jan:   / jan-watermann   Jonny:   / jonny-pease   This video is for information only and is not financial, legal or tax advice. Chapters: 00:00 The warning that started it all 01:21 Why Monzo got into trouble 03:27 DepositScout.com — our free savings tool 04:36 Blomfield, growth and £539m of losses 07:07 The rescue: furlough, Las Vegas, a new CEO 08:52 The down round 10:09 Raising £450m through the turmoil 11:45 The turnaround: what Monzo built 13:46 Subscriptions: 15% pay for a free bank 15:06 Monzo vs Revolut 18:19 Europe next: Ireland, Spain… Germany? 23:48 The risks: costs, headcount, rate cuts 25:47 Could it happen again? #TechnicallyMoney #Monzo #Finance