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Monzo plans a hiring spree and to relaunch paid-for accounts

By Amanda Cooper

Uk digital bank to hire 500 and hit 5.5 million customers this year

UK online bank Monzo is planning to hire another 500 employees and forecasts 5.5 million customers by the end of this year, as it prepares to relaunch paid-for accounts, according to Reuters.

Monzo, which launched in 2015, has around 3.8 million customers in Britain and is currently preparing to launch in the United States as well.

The company reported a loss of £47.2 million in 2018, but is valued at more than £2bn, and ranks among the top 10 most valuable European fintech companies, according to a survey by data provider Invyo.

Tom Blomfield, the 34-year-old founder and CEO, told Reuters he expected Monzo to top 2,000 staff this year, up from 1,500.

Blomfield said Monzo planned to relaunch paid-for accounts in the first quarter of this year, implementing lessons learned from complaints following its botched attempt in 2019.

“We learned that things that seem a universal truth when you are 50 people, launching iteratively as no one is paying attention, when you do that with 3.5 million customers it’s foolish,” Blomfield said.

Monzo had to scrap its paid-for accounts last September after a raft of customer complaints.

FURTHER READING: Monzo CEO: Big banks hunt down and ‘kill’ innovation

FURTHER READING: Big tech’s adventures in fintech: the future or a fad?

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