FinanceGB

Monzo Layoffs

June 2020

Monzo announced a layoff affecting 120 employees (8% of its workforce) in June 2020. The company operates in the Finance sector.

People Affected

120

Percentage

Announced Date

Jun 3, 2020

About

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.