Monzo

Monzo laid off 50 employees on 2026-03-31.

In June, London-based digital bank Monzo laid off 120 employees in the U.K., following an earlier round in April that affected 165 staff in Las Vegas. These cuts, impacting hundreds across multiple departments including engineering and design, come as the fintech company faces reduced revenue from consumer spending pullbacks, which lowers interchange fees from its debit card products. The company, which also furloughed 295 U.K. employees previously, recently raised £60 million at a significantly lower valuation. While the exact total workforce isn't specified, these layoffs reflect broader challenges in the tech and fintech sectors amid economic pressures.

In April 2020, amid the financial pressures of the coronavirus pandemic, U.K. challenger bank Monzo announced the closure of its Las Vegas customer support office, resulting in 165 layoffs. These employees, who provided overnight support to Monzo's U.K. customers, represented a small portion of the company's then over 4 million customers, with their services deemed disproportionately costly for handling only 12% of queries. The decision, part of broader cost-cutting measures that included furloughs and salary reductions in the U.K., was accelerated by the economic downturn. Monzo, operating in the fintech industry as a fully licensed bank, offered affected staff two months' notice with full pay and healthcare support, while shifting overnight support operations to the U.K. This move did not impact its U.S. launch plans, as the Las Vegas team solely served U.K. clients.