In this episode, we tell the full story of Monzo's near-death experience — and the extraordinary turnaround that followed. In July 2020, Monzo's own accounts warned there was "significant doubt" it could survive twelve months. Five years and roughly £539m of losses later, it's Britain's seventh-largest bank with £1.7bn of revenue and three consecutive years of profit. So what actually happened?

We cover:

• What a going-concern warning really means — and why the market panicked anyway
• Why a bank paid only when you spend had no shock absorber when Covid hit
• The rescue: furlough, Las Vegas, a new CEO, and raising money at the bottom
• The turnaround: deposits, lending, subscriptions — and a lot of interest rate help
• Monzo vs Revolut: fewer customers, each worth far more?
• Europe next: Ireland's launched, Spain's announced — and Jan's German verdict
• The risks: rising costs, 5,275 staff, and what happens when rates fall

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Jan: https://www.linkedin.com/in/jan-watermann/

Jonny: http://www.linkedin.com/in/jonny-pease

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