Monzo, founded in 2015, offers current accounts to more than 4 million customers. It provides a number of financial services to consumers, ranging from current accounts to saving pots and access to loans. The startup has predominantly relied on the wild popularity of its "hot coral" debit cards and easy-to-use app to win new customers, over conventional marketing.
As the coronavirus crisis deepened, executives agreed to take a variety of paycuts until 2021 and their situation is unchanged, Business Insider understands.— but its losses ballooned to £115.4 million , twice that of 2018. The company has warned that the pandemic is a threat to its business. The challenger bank's cofounder Tom Blomfield moved from CEO to president earlier this year and took a 100% salary reduction as part of the company's coronavirus measures.
Blomfield's old job has been taken up by TS Anil, the Visa veteran who joined Monzo as US CEO in February.
SAI Love a challenger. Are they having an impact in the UK? banking retail
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