Monzo is taking action to be sure they will get through the current challenges related to COVID-19; the company currently has 4 million account holders and TechCrunch reports that their CEO is forgoing a salary; in addition, the senior management team has all taken a 25% salary cut and other employees are being offered voluntary furloughing for two months as part of the government’s furlough scheme; Monzo is well capitalized but has recently seen card spend decrease which has subsequently decreased revenue from interchange fees; new user signups are also slowing down; Monzo currently has 1,500 staff; Starling has also furloughed some staff according to a comment from Anne Boden. Tech Crunch
