Fintech/News/ Monzo staff intend to form a union Staff at Monzo have told management they plan to form a union and ask the company to formally recognise it By Freya Pratty 1 November 2022 TS Anil, Monzo's CEO TS Anil, Monzo's CEO \Fintech Which European banking app is winning the race for customers? By Amy O'Brien 21 February 2023 Fintech/News/ Monzo staff intend to form a union Staff at Monzo have told management they plan to form a union and ask the company to formally recognise it By Freya Pratty 1 November 2022 Staff at UK-headquartered neobank Monzo have told senior management they plan to form a union and ask the company to formally recognise it, the bank confirmed to Sifted. The United Tech and Allied Workers union, which represents tech workers, tells Sifted the staff who contacted management intend to join the organisation. It’s a branch of the Communication Workers Union (CWU), a British union with 190k members that also represents postal and telecoms workers. The move comes against a backdrop of increased economic uncertainty and rising costs for workers in the world’s fifth-largest economy. In response to the news, a Monzo spokesperson tells Sifted that it “always looks after our people and ensures that they have a voice on the issues that matter to them. As well as through our own forums, we are always committed to support and engage with employees on what matters most to them.” Monzo employs over 2,500 people, with the majority in the UK. In the UK, an employer has to formally recognise a union before management is obliged to consult it during things like pay and redundancy negotiations. Companies can choose to voluntarily recognise a union, or cases can be taken to an arbitration committee, which rules in favour of statutory recognition if more than 50% of the workplace are union members. Earlier this month, the neobank announced it was giving staff who earn less than £40k a one-off payment of £1,000. It is understood that Monzo customer service staff have been given an average pay increase of 10.97% this year. There’s still a gender pay gap at the company — men earn 4.3p more for every £1 than women at present. It’s a big improvement from Monzo’s 2017 stat though, when men earned 52p more than women. Earlier this year, Monzo reported a 90% increase in revenue for the year ending March 2022, helping to narrow its losses to £119m from around £130m the previous year. Freya Pratty is a reporter at Sifted. She tweets from @FPratty Related Articles Renewable energy companies have a lucrative new side hustle: mining bitcoin By Freya Pratty Click here to read more Which investors have backed the most crypto startups? By Tim Smith, Amy O'Brien and Federico Scolari Click here to read more Topi raises $45m to help retailers rent out hardware to businesses By Miriam Partington in Berlin Click here to read more Holvi launches in UK in despite Brexit uncertainty By Maija Palmer Click here to read more Most Read 1 \Healthtech Is Daniel Ek’s new body scanner worth the hype? Sifted tried it out 2 \Venture Capital VC diversity needs to change — and white men need to take responsibility 3 \Venture Capital New €3.75bn European Investment Fund pot to back late-stage VCs 4 \Sustainability Counteract closes £15m fund for carbon removal solutions 5 \Mobility Was the $5bn that VCs plugged into escooters worth it?