FF News Logo
Saturday, June 27, 2026

Breaking News

CLS Appoints Six New Board Directors Mobey Forum Calls for a Collaborative Approach to Fraud Prevention in Rethinking Fraud in a Connected World SumUp Launches in Canada European Fintech Association Elects New Board of Directors G+D: Navigating the Future of Fintech Agility and Innovation Connect IFA Strengthens Leadership Team to Drive Growth and Enhance Adviser Support FreeAgent Launches New AI Tool for Landlords to Capture Rental Statements EXCLUSIVE: “Keeping The Rubber on Track” – Nick Kerigan, Swift in ‘The Fintech Magazine’ Megadeals Are Back. Here’s Why J-P Conte Thinks Patient Capital Still Wins. A New Way to Get Paid: Modulr Adds cVRP to Its Collections Hub DIFC Future of Finance Report: Digital Native, AI Driven Challenger Banks Redefining Banking Models, Signalling Industry’s Biggest Shift Since 2008 UK Financial Institutions Look to Decade of AI-Driven Growth as Confidence Strengthens LUMIQ Raises Strategic Funding to Become the AI Decision Layer for Financial Services easypaisa and Binance Sign MoU to Explore Emerging Financial Technology Growth in Pakistan A Third of UK Consumers Would Switch Banks for Wooden Payment Cards

April 1 2020

Monzo’s CEO won’t take his salary for 12 months

Share this post:

Share on LinkedIn Share on WhatsApp

Monzo bank’s CEO Tom Blomfield is forgoing his salary for a year. Monzo is also offering voluntary furloughs to its employees.

Furlough is the process when companies can essentially ‘pause’ the contract of an employee without making them redundant.

This comes at a time when challenger banks are generally looking for multiple ways to deal with the COVID-19 damage.

Read also: Revolut and Monzo combat rumors of their collapse

CEO Tom Blomfield has sent a company-wide memo in which announced the bank’s over 1,500 staff that he won’t be taking a salary for the next twelve months.

He also mentioned that the senior management team and board have volunteered to take a 25% cut in salary as have other “Monzonaughts” within the company, according to TechCrunch.

Last week Monzo’s co-founder Blomfield addressed rumors circulating that Monzo was on the verge of bankruptcy and that it is not paying its staff. He said: “Monzo is not going bust. Source: I am the CEO.”

Another digital challenger bank, Starling, told to TechCrunch that it is furloughing 41 people and will top up their salaries to ensure they get 100%.

Read also: Starling Bank to create 400 jobs at its new Cardiff office

Very much like Monzo, Starling claims to be well-capitalized and just weeks ago it opened a third UK office, creating 400 data science, fraud and customer service jobs in Cardiff.

 In contrast, Revolut said that it has no current plans to do so. The government’s furlough scheme is available to U.K. companies right across the board and several startups, including fintech, have already applied to furlough as a precautionary measure.

[mc4wp_form id=”2736″]

Sources: https://techcrunch.com/2020/03/31/monzo-ceo-wont-take-a-salary/ https://www.altfi.com/article/6376_monzo-and-starling-to-furlough-staff-amid-coronavirus-outbreak https://www.finextra.com/newsarticle/35553/monzo-and-starling-furlough-some-employees

  1. CLS Appoints Six New Board Directors

    Hiring

     Read more
  2. Mobey Forum Calls for a Collaborative Approach to Fraud Prevention in Rethinking Fraud in a Connected World

    Fintech

     Read more
  3. SumUp Launches in Canada

    News

     Read more
  4. European Fintech Association Elects New Board of Directors

    Hiring

     Read more
  5. G+D: Navigating the Future of Fintech Agility and Innovation

    Event Videos

     Read more
More On