Latest news with #Monzo
Scottish Sun
3 hours ago
- Scottish Sun
Millions of Monzo customers warned they'll lose access to bank accounts if they don't act NOW
We've explained how to check if you're affected DON'T BANK ON THAT Millions of Monzo customers warned they'll lose access to bank accounts if they don't act NOW Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) MILLIONS of Monzo customers are being warned that they'll lose access to bank accounts if they don't act. The popular online challenger bank is urging users to upgrade their phone's operating system or risk losing access to its services. Sign up for Scottish Sun newsletter Sign up 1 If customers fail to upgrade their OS - or switch to a newer device if their current one doesn't support the update - the Monzo app will eventually stop working altogether Credit: PA:Press Association The bank has announced that from October 31 2025, it will no longer support app updates on devices running operating systems older than iOS 16 and Android 9. If customers fail to upgrade their OS - or switch to a newer device if their current one doesn't support the update - the Monzo app will eventually stop working altogether. In an email to affected customers, Monzo said: "We've noticed you've recently used Monzo from a version of iOS or Android that we'll stop supporting on October 31, 2025. "This is because it's running on an older operating system (OS) that isn't getting the latest security updates and Monzo features. "So both your device and Monzo account aren't as secure as they could be. "We regularly stop Monzo from working with older operating systems. "If your device doesn't support a more recent OS, you'll need to use a newer device to keep using your Monzo account." For those with older phones that cannot support newer OS versions, the bank recommends upgrading to a newer device. iPhones that will be impacted and lose support are those that cannot update to iOS 16. This includes the iPhone 7 and 7 Plus, the iPhone 6s and 6s Plus, and the first-generation iPhone SE. Switch bank accounts for free perks For users of these older models, the Monzo app will eventually stop working, and access to their accounts through the app will be cut off. iPhones that will be supported include the iPhone 8 and 8 Plus, the iPhone X, and all later models, as well as the second-generation iPhone SE and newer. Meanwhile, some notable Samsung devices, such as the flagship Galaxy S7 and S7 Edge from 2016, will not be able to run the Monzo app. The original Google Pixel and Pixel XL phones will also be impacted. If you own one of these devices, you will need to ensure your software is updated to continue using the Monzo app after October 31, 2025. A spokesperson for Monzo said: "This is an incredibly common practice among reliable and trusted app providers. "We always recommend that customers run the latest version of their phone's operating system for the best and most secure app experience." How do I check my phone's operating system? On iOS: Go to Settings > General > About On Android: Go to Settings > About phone > Android version Note: it may vary slightly depending on your current version and device manufacturer. What else is happening at Monzo? Monzo is a UK-based digital, app-only bank that was founded in 2015. It is known as a "challenger bank" because it aims to compete with and disrupt traditional high-street banks by offering a more modern, user-friendly experience. Operating entirely through a mobile app without any physical branches, Monzo has more than 12million personal and business banking customers in the UK. In March, Monzo said it will no longer put parents on a waitlist to sign their children up for an under-16 bank account. The free account is for children aged 6 to 15 and is linked to a parent or guardian's Monzo account. Like standard Monzo accounts, the youngsters receive a debit card and also have access to pots for saving. But parents can set limits on spending and turn cash withdrawals or online spending off. In April, Monzo scrapped interest charges for customers whose account balances dip below £0, offering a fairer deal for those without an arranged overdraft. Previously, customers entering an unarranged overdraft faced steep interest rates of 19%, 29%, or 39%, depending on their credit score -those with lower scores often bore the brunt of the highest charges. To soften the blow, the bank capped monthly interest charges at £15.50. However, Monzo has taken a more customer-friendly approach, removing interest charges entirely for unarranged overdrafts. In May, Monzo slashed the interest rate on one of its savings accounts. The interest rate on its Personal Instant Access Savings Pots fell from 3.50% AER to 3.25% AER. AER, or Annual Equivalent Rate, is used to show you what you could earn from a savings account over a year. A lower AER means you will have less money in your savings account over a year because it indicates a lower rate of interest being paid on your savings.
The Sun
3 hours ago
- Business
- The Sun
Millions of Monzo customers warned they'll lose access to bank accounts if they don't act NOW
MILLIONS of Monzo customers are being warned that they'll lose access to bank accounts if they don't act. The popular online challenger bank is urging users to upgrade their phone's operating system or risk losing access to its services. 1 The bank has announced that from October 31 2025, it will no longer support app updates on devices running operating systems older than iOS 16 and Android 9. If customers fail to upgrade their OS - or switch to a newer device if their current one doesn't support the update - the Monzo app will eventually stop working altogether. In an email to affected customers, Monzo said: "We've noticed you've recently used Monzo from a version of iOS or Android that we'll stop supporting on October 31, 2025. "This is because it's running on an older operating system (OS) that isn't getting the latest security updates and Monzo features. "So both your device and Monzo account aren't as secure as they could be. "We regularly stop Monzo from working with older operating systems. "If your device doesn't support a more recent OS, you'll need to use a newer device to keep using your Monzo account." For those with older phones that cannot support newer OS versions, the bank recommends upgrading to a newer device. iPhones that will be impacted and lose support are those that cannot update to iOS 16. This includes the iPhone 7 and 7 Plus, the iPhone 6s and 6s Plus, and the first-generation iPhone SE. Switch bank accounts for free perks For users of these older models, the Monzo app will eventually stop working, and access to their accounts through the app will be cut off. iPhones that will be supported include the iPhone 8 and 8 Plus, the iPhone X, and all later models, as well as the second-generation iPhone SE and newer. Meanwhile, some notable Samsung devices, such as the flagship Galaxy S7 and S7 Edge from 2016, will not be able to run the Monzo app. The original Google Pixel and Pixel XL phones will also be impacted. If you own one of these devices, you will need to ensure your software is updated to continue using the Monzo app after October 31, 2025. A spokesperson for Monzo said: "This is an incredibly common practice among reliable and trusted app providers. "We always recommend that customers run the latest version of their phone's operating system for the best and most secure app experience." What else is happening at Monzo? Monzo is a UK-based digital, app-only bank that was founded in 2015. It is known as a "challenger bank" because it aims to compete with and disrupt traditional high-street banks by offering a more modern, user-friendly experience. Operating entirely through a mobile app without any physical branches, Monzo has more than 12million personal and business banking customers in the UK. In March, Monzo said it will no longer put parents on a waitlist to sign their children up for an under-16 bank account. The free account is for children aged 6 to 15 and is linked to a parent or guardian's Monzo account. Like standard Monzo accounts, the youngsters receive a debit card and also have access to pots for saving. But parents can set limits on spending and turn cash withdrawals or online spending off. In April, Monzo scrapped interest charges for customers whose account balances dip below £0, offering a fairer deal for those without an arranged overdraft. Previously, customers entering an unarranged overdraft faced steep interest rates of 19%, 29%, or 39%, depending on their credit score -those with lower scores often bore the brunt of the highest charges. To soften the blow, the bank capped monthly interest charges at £15.50. However, Monzo has taken a more customer-friendly approach, removing interest charges entirely for unarranged overdrafts. In May, Monzo slashed the interest rate on one of its savings accounts. The interest rate on its Personal Instant Access Savings Pots fell from 3.50% AER to 3.25% AER. AER, or Annual Equivalent Rate, is used to show you what you could earn from a savings account over a year. A lower AER means you will have less money in your savings account over a year because it indicates a lower rate of interest being paid on your savings. How do I switch bank accounts? SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS). Dozens of high street banks and building societies are signed up - there's a full list on CASS' website. Under the switching service, swapping banks should take seven working days. You don't have to remember to move direct debits across when moving, as this is done for you. All you have to do is apply for the new account you want, and the new bank will tell your existing one you're moving. There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account. You should get in touch with your existing bank for any old statements. When switching current accounts, consider what other perks might come with joining a specific bank or building society. Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts. And some banks offer free travel or mobile phone insurance with their current accounts - but these accounts might come with a monthly fee.
Bloomberg
6 hours ago
- Business
- Bloomberg
Klarna Secures New License from UK's Financial Conduct Authority
Klarna Group Plc said it has received an electronic money institution license for its UK division, which could lay the ground work for the Swedish fintech to more directly compete against the likes of Revolut Ltd. and Monzo Bank Ltd. for retail bank customers. The approval means Klarna — which is best known for its buy now, pay later services — will be able to offer its 11 million UK customers accounts where they can save funds, according to a statement. It will also allow Klarna to launch a debit card in the UK.
Business Insider
a day ago
- Business
- Business Insider
This pitch deck helped Gradient Labs, a London AI startup, raise a $13 million Series A funding round in one week
Gradient Labs, a London-based AI startup building customer operations AI agents for fintech companies, said it closed a $13 million funding round in one week, Business Insider has learned exclusively. The Series A round was led by Redpoint Ventures, with participation from LocalGlobe, Puzzle Ventures, Liquid 2 Ventures, and Exceptional Capital. Gradient Labs was co-founded in 2023 by Dimitri Masin, Neal Lathia, and Danai Antoniou — all early employees of Monzo, a challenger bank based in London. BI asked Masin, who is CEO, how he was able to close so quickly and what his advice is for other founders who are trying to fundraise. He answered questions via email and also shared his pitch deck. It might look like it happened overnight, but the groundwork was laid months in advance. We'd been building relationships with investors early — sharing updates, listening to feedback, and staying in touch even when we weren't actively fundraising. So when we officially opened the round, we weren't just another cold pitch. We also came in with a strong foundation: the product was live, the traction was real, and the space we're focused on — AI for customer ops in regulated industries — is very specific and very painful. That specificity helped us stand out in a sea of generic AI pitches. And we were prepared: deck, memo, model — everything was ready to go. That made it easy for interested investors to move quickly. There's no silver bullet. A pitch deck can't make up for weak fundamentals. What helped was clarity: We didn't try to tell an overly broad story. We showed exactly why this problem matters, why we're uniquely qualified to solve it, and how the product is already delivering results. And it was delivering: We reached $1 million in annual recurring revenue in just the first 4 months. We also made sure to point out that we weren't riding the AI hype, but we leaned into specifics, such as traction metrics, real use cases, and product performance. Investors could see that we weren't just chasing a trend. We were building something that works today, and has the potential to reshape customer operations in industries that don't tolerate guesswork. Be brutally honest about your fundamentals. Is the product genuinely good? Is your team equipped to win in this space? Will what you're building still matter when the next big model drops? If not, a clever deck won't save you. Also, don't wait to build investor relationships. Start early, even before you need the money. When you finally do raise, it won't feel like a scramble. And finally, know your space inside out. Founder-market fit is what lets you move fast with conviction. I spent years building machine learning systems for fraud at Monzo — that gave me a real advantage in knowing what regulated companies actually need, and how to deliver it safely. That context is hard to fake. Here is Gradient Labs' series A pitch deck:
Yahoo
23-07-2025
- Business
- Yahoo
Monzo dodges full FCA fine with discount despite crime control failings
UK digital challenger Monzo has been fined £21.1m ($28.3m) after a four-year-long investigation by the Financial Conduct Authority (FCA) found it had failed to implement adequate anti-financial crime systems and controls. While the digital bank could have faced a more substantial penalty of £30.1m received a discount to £21.1m due to its co-operation with resolving the found issues. GlobalData 2025 Financial Services Consumer Survey Monzo's rapid expansion from 2018–22 saw it acquire over 5.2 million new customers, and it now holds 2% of the UK retail banking market share, according to GlobalData's 2025 Financial Services Consumer Survey. With this rapid growth, Monzo's internal systems struggled to adapt accordingly. The investigation revealed that Monzo's systems for verifying customer identities were insufficient, as it was automatically accepting many customers who had limited information and were using implausible addresses, such as Buckingham Palace or, ironically, the bank's own headquarters. Alongside this assessment, Monzo failed to comply with the terms of an FCA mandate, onboarding over 34,000 high-risk customers from 2020–22. The bank's 'growth-first' culture, often celebrated in the fintech space, appears to have clouded strategic judgement, exposing regulatory and reputational risks. With profitability achieved in FY25, Monzo is no longer a scrappy start-up; yet this fine shows its governance frameworks lagged its commercial ambitions. FCA ramps up regulatory scrutiny This is the 10th fine the FCA has imposed on a bank for financial crime control failings in the last four years, with Monzo's digital rival Starling also being found guilty of lenient financial crime controls, landing it with a £29m fine in 2024. This highlights the heightened regulatory scrutiny across the UK digital banking sector as numerous digital banks face challenges in switching from e-money licences to banking licences. They must contend with significantly stricter regulations and the complexities associated with lending operations, which they are not used to. Therese Chambers, FCA joint executive director, emphasised that banks must have robust systems to combat financial crime, stating: 'Banks are a vital line of defence in the collective fight against financial crime. They must have the systems in place to prevent the flow of ill-gotten gains into the financial system. Monzo fell far short of what we, and society, expect.' As Monzo eyes an eventual IPO, its credibility will hinge on demonstrating that governance, not just growth, is embedded at its core. Hence, it is imperative that Monzo, along with other rising neobanks, handle its customers' assets responsibly to build trusting relationships while avoiding undermining market integrity. "Monzo dodges full FCA fine with discount despite crime control failings" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
