Digital Banking

Staff were told yesterday about plans that could include closures, along with company-wide layoffs across all offices.

Image source: Norris Koppel / Monese.

Challenger banking app. Monese is looking to close two of its European offices, AltFi can disclose exclusively, with reports of company-wide dismissals that are & # 39; significant & # 39; number of staff.

Yesterday, staff at Monese's Berlin and Lisbon offices were informed of reorganization plans that could include the closure of their offices.

A broader formal consultation process is also underway with staff in & # 39; t business, including at its London headquarters and Tallinn offices.

Company occupants told AltFi They believe that 40 percent of employees could be affected by the cuts, however, no formal figure has been set.

Monese is understood to be taking the steps as part of a business-wide reorganization around core technologies and their core markets of the United Kingdom, Germany and France.

Unlike other fintechs, Monese is not a furloughing staff. In some other industries, the furlough process has come under fire as being abusive to delay layoffs.

The fintech board and management team are said to be in compliance with the decisions, which also include a reduction in paid for marketing in the fintech secondary markets.

Monese opened its Lisbon office in October 2018. According to LinkedIn, Monese has about 30 staff in Lisbon, and fewer than 5 in Berlin.

A Monese spokeswoman said AltFi:

"It would be news if we didn't make some changes as a result of the Covid-19 interruption. We can't say what those changes will be in detail, nor how we will staff them, so we don't have to wait for a formal consultation process to take its proper course. "

"However, we will focus more of our resources on our core tech platform and banking infrastructure, and on our core European markets. This will allow us to better serve our current and potential customers."

"It follows that this will require some changes that will probably affect one of our locations one way or another. As expected, we will consult staff accordingly. It would be wrong to comment on the consultation process as to what the results of the consultation process could be. "

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