{"id":7007,"date":"2020-08-21T06:30:00","date_gmt":"2020-08-21T06:30:00","guid":{"rendered":"https:\/\/aviancetechnologies.com\/blog\/monzo-leaked-messages-show-non-executive-staff-off-covid-pay-freeze\/"},"modified":"2020-08-21T06:30:00","modified_gmt":"2020-08-21T06:30:00","slug":"monzo-leaked-messages-show-non-executive-staff-off-covid-pay-freeze","status":"publish","type":"post","link":"https:\/\/aviancetechnologies.com\/blog\/monzo-leaked-messages-show-non-executive-staff-off-covid-pay-freeze\/","title":{"rendered":"Monzo: Leaked messages show non-executive staff off Covid pay freeze"},"content":{"rendered":"<p>\u00a0\u00a0 <\/p>\n<p>[responsivevoice_button rate=&#8221;1\u2033 pitch=&#8221;1.2\u2033 volume=&#8221;0.8\u2033 voice=&#8221;US English Female&#8221; buttontext=&#8221;Story in Audio&#8221;]<\/p>\n<h2>Monzo: Leaked messages show non-executive staff off Covid pay freeze<\/h2>\n<p><\/p>\n<div id=\"piano-inline-content-wrapper\" data-piano-inline-content-wrapper=\"\">\n<ul class=\"summary-list\">\n<li><strong>Internal slack messages from challenger bank Monzo, seen by Business Insider, show that the startup is ending a pay freeze instigated during the coronavirus pandemic.\u00a0<\/strong><\/li>\n<li><strong>The pay freeze will end on 1 September for non-executive staff.<\/strong><\/li>\n<li><strong>Executives agreed to take a variety of pay cuts until next year and their situation is unchanged, Business Insider understands. The challenger bank laid off around 80 staff in June.\u00a0<\/strong><\/li>\n<li><strong>The message notes that despite the unfreezing, &#8220;We are not yet fully out of the woods yet.&#8221;\u00a0\u00a0<\/strong><\/li>\n<li><strong>Visit Business Insider&#8217;s homepage for more stories.<\/strong><\/li>\n<\/ul>\n<p>Internal slack messages from UK challenger bank Monzo, seen by Business Insider, show the startup is ending a pay freeze brought in during the coronavirus pandemic.\u00a0<\/p>\n<p>The pay freeze will end on September 1.<\/p>\n<p>Monzo did not immediately respond to requests for comment.\u00a0<\/p>\n<p>The message notes that despite the unfreezing, &#8220;we are not yet fully out of the woods yet.&#8221;<\/p>\n<p>Monzo went through a down round of funding in June and laid off around 80 staff the same month.<\/p>\n<p>The startup bank has since launched a premium service called Monzo Plus in a bid to diversify its revenue streams.\u00a0<\/p>\n<p>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 &#8220;hot coral&#8221; debit cards and easy-to-use app to win new customers, over conventional marketing.<\/p>\n<p>As the coronavirus crisis deepened, executives agreed to take a variety of paycuts until 2021 and their situation is unchanged, Business Insider understands.<\/p>\n<p>Monzo reported last week that its revenues doubled to \u00a390 million ($118 million) in 2019 \u2014 but its losses ballooned to \u00a3115.4 million ($151 million), twice that of 2018. The company has warned that the pandemic is a threat to its business.<\/p>\n<p>The challenger bank&#8217;s cofounder Tom Blomfield moved from CEO to president earlier this year and took a 100% salary reduction as part of the company&#8217;s coronavirus measures.\u00a0<\/p>\n<p>Blomfield&#8217;s old job has been taken up by TS Anil, the Visa veteran who joined Monzo as US CEO in February.\u00a0<\/p>\n<p>Other executive changes in 2020 include the departure of CTO Meri Williams, while former Deliveroo CTO and Blossom Capital VC Mike Hudack joined as chief product officer. Sujata Bhatia, a former American Express executive in Europe was brought in as new COO.\u00a0The start of the year also saw Monzo cofounder Paul Rippon leave the company\u00a0to spend his time farming alpacas.<\/p>\n<p>Early employee and VP of marketing Tristan Thomas is also leaving the fintech, TechCrunch reported.\u00a0<\/p>\n<\/p><\/div>\n<div class=\"post-item-metadata entry-meta\">\n<p class=\"has-background has-very-light-gray-background-color\">Disclaimer: Content may be edited for style and length.\u00a0<a class=\"newsium-categories category-color-1\" href=\"http:\/\/feedproxy.google.com\/~r\/typepad\/alleyinsider\/silicon_alley_insider\/~3\/4aw1mPWraJw\/monzo-leaked-messages-show-non-executive-staff-off-covid-pay-freeze-2020-8\" target=\"_blank\" rel=\"noopener noreferrer\">Story Source<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0\u00a0 [responsivevoice_button rate=&#8221;1\u2033 pitch=&#8221;1.2\u2033 volume=&#8221;0.8\u2033 voice=&#8221;US English Female&#8221; buttontext=&#8221;Story in Audio&#8221;] Monzo: Leaked messages show non-executive staff off Covid pay freeze Internal slack messages from challenger bank Monzo, seen by Business Insider, show that the startup is ending a pay freeze instigated during the coronavirus pandemic.\u00a0 The pay freeze will end on 1 September for &#8230; <a title=\"Monzo: Leaked messages show non-executive staff off Covid pay freeze\" class=\"read-more\" href=\"https:\/\/aviancetechnologies.com\/blog\/monzo-leaked-messages-show-non-executive-staff-off-covid-pay-freeze\/\" aria-label=\"Read more about Monzo: Leaked messages show non-executive staff off Covid pay freeze\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":7008,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1,30],"tags":[],"class_list":["post-7007","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-technology"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Monzo: Leaked messages show non-executive staff off Covid pay freeze - Aviance Technologies<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Monzo: Leaked messages show non-executive staff off Covid pay freeze - Aviance Technologies\" \/>\n<meta property=\"og:description\" content=\"\u00a0\u00a0 [responsivevoice_button rate=&#8221;1\u2033 pitch=&#8221;1.2\u2033 volume=&#8221;0.8\u2033 voice=&#8221;US English Female&#8221; buttontext=&#8221;Story in Audio&#8221;] Monzo: Leaked messages show non-executive staff off Covid pay freeze Internal slack messages from challenger bank Monzo, seen by Business Insider, show that the startup is ending a pay freeze instigated during the coronavirus pandemic.\u00a0 The pay freeze will end on 1 September for ... 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