Popular Nobank will lay off over 100 employees


At the beginning of the year, the bank planned to employ 500 people

The popular Neobank will lay off over 100 employees. Photo:

The recession caused the impact of the COVID-19 epidemic to cut 120 employees to British neo-bank Monzo.

In February, the bank announced to Reuters that it plans to employ about 500 people this year, as it plans to expand its customer base. “Unfortunately, we were not able to achieve the target and avoid cuts. It is extremely difficult to report, ”Monzo representatives commented.

According to Reuters, the layoffs will have an impact on Monazo’s main office and Nobank project teams, while most employees who volunteered to go on unpaid leave in March this year will not be subject to the deduction. A total of 120 jobs amount to about 8% of the total number of bank employees.

Sources said the government made it clear that unpaid leave should not be misused if the layoffs are planned anyway.

According to an insider, the bank continues to negotiate to attract investment from investors in the amount of 70 to 80 million pounds (about $ 90–100 million).

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We previously wrote that Revolut and Monzo were forced to refute rumors that they were allegedly at risk of an imminent financial collapse. However, as stated by foreign media, the two banks have been well capitalized as they have recently received millions of funds.

In addition, a large sum of money, £ 40 million ($ 49.5 million), recently attracted British Starling Bank, resulting in a total amount of £ 100 million ($ 124 million) of the investment received by the bank this year. was.

Read: Coronavirus vs. Fintech: How An Epidemic Affects Neobanks

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