Too Long; Didn't Read
Monzo was considered the brightest unicorn of the UK fintech startup scene. But when the pandemic loomed, it dashed every individual and companies’ hopes and dreams. It started very quickly with Monzo shuttering its Las Vegas customer support office, salary cuts and furloughs in April. It continued with a recent funding round closing at 40% less than its previous value and enigmatic founder Tom Blomfield stepping down as CEO in May. This move to step down at a time of crisis implicitly communicates a message of weakness.