Personal Finance. Money. Investing.

1. Look Into Taking Out A Business Loan

One of the fastest and most convenient ways to get some extra cash is to take out a small business loan. A small business loan is used to finance anything your business may need. You can also use it as an added security blanket. Furthermore, depending on your lender, you may also be eligible for a few benefits. These benefits can include coaching for new business owners, resources to enhance your knowledge, and connecting to a professional support network. Keep in mind that not every lender has these benefits. You'll have to ask for more details when you apply.

2. Try Out Bootstrapping

Bootstrapping is a business term that's used to describe an owner who uses their own personal funds to finance their business. You might think it is somewhat counterintuitive as the goal here is to procure extra funds and save more. However, this doesn't necessarily mean using almost every cent you have for it. Bootstrapping also means using any spare personal funds. If you have any extra money lying around, putting it towards your business isn't a bad idea.

3. Host A Crowdfunding Event

Crowdfunding used to be considered a non-traditional way to finance startups but is now something that's seen a lot of popularity as the years have gone by. It's where people procure small donations from a large group of people to use for their intended projects and ventures. Not only is it a great way to obtain the money you need, but it's also how you advertise yourself. People, namely your target audience, want to see everything you have to offer. Crowdfunding offers you a fantastic opportunity to showcase what you have planned. Just remember to be as transparent as possible. It helps build trust between you and your audience. If you're lucky, you'll catch the eye of an angel investor. An angel investor is an individual who donates an average amount of $25,000 to a cause they believe in. In rare cases, they can donate as much as $100,000.

4. Ask Your Friends And Family

Another way you can get some extra money for your business is to ask your friends and loved ones. However, it's not as simple as asking them and they just give you what you need. For them, this is a type of investment. They will need to know what their money is going towards. As with crowdfunding, be as transparent with your friends and family members, so they have the information they need to invest.


Buying a property at auction brings many benefits - savings of up to 30% on a property’s market value, no agent fees whatsoever and so on. All very appealing, but with the small caveat of coming up with the full payment for the property within the four-week deadline.

With comparatively few exceptions, all auction property purchases must be paid for in full within four weeks. This renders conventional loans and mortgages entirely unviable, which for property purchases can take more than three months to arrange.

Auction finance by contrast is issued and arranged specifically for these kinds of property purchases and investments. An entirely faster and more flexible facility than a conventional mortgage, auction finance makes it possible to pick up low-cost properties at auction in a matter of days.

How Does Property Auction Finance Work?

Property auction finance is a specialist type of bridging finance, designed to help investors make time-critical purchase decisions at property auctions. A loan can be taken out to fund both the purchase of the property and all subsequent renovations required, with none of the delays associated with a traditional mortgage.

A brief overview of how the facility works:

Auction finance is designed to be repaid as promptly as possible and is charged at a monthly rate of interest that can be as low as 0.5%. This makes it a uniquely cost-effective facility when repaid promptly, which is often the goal of investors looking to ‘flip’ properties for profit.

Who Can Qualify For Property Auction Finance?

Unlike traditional property loans and High Street mortgages, qualifying for auction finance is surprisingly straightforward. You simply need assets of sufficient value to cover the costs of the loan (usually your home or business property as security), and a viable exit strategy (how and when you intend to repay the loan).

Even with poor credit, a history of bankruptcy and/or no proof of income, it is still possible to qualify for affordable auction finance. Though in all instances - and particularly when time is a factor - it is essential to seek independent broker support at the earliest possible stage.

According to the filing, Musk listed 18 investors who agreed to cash investments. Amongst them are Ellison who agreed to $1 billion, Sequoia Capital who agreed to $800 million, and Vy Capital who agreed to $700 million. Meanwhile, Saudi Prince Alwaleed bin Talal agreed to contribute approximately 35 million Twitter shares worth $1.9 billion to retain a stake in the platform post-acquisition.

The investments will see a $12.5 billion margin loan organised through Morgan Stanley and other banks to $6.25 billion. The investments also mean that fewer of Musk’s Tesla shares will be used as collateral under the loan.

Musk’s takeover of Twitter is expected to be completed by the end of this year.

While every option on this list is a great way to get the extra money you need, they won’t all work for your unique circumstances. It’s important to carefully research what each method of funding involves, who’s eligible and whether there are any consequences further down the line. For some startups, bank loans will be a perfect choice, but other entrepreneurs might be more interested in grants for UK small businesses. Take some time to explore the below before making your final decision:

Government Loans And Grants

The UK government has a range of different loans and grants on offer for small businesses and startups. It can take some time to sift through all the options available, but there are all kinds of funding available to suit individual circumstances. For example, if you’ve been rejected by the bank for a small business loan, you may be eligible for something like a BCRS Business Loan. While this particular option is limited to the West Midlands, it’s worth reaching out to your local council to find out what’s on offer closer to home.

If you’re more interested in applying for a grant, you might be able to make use of start-up and small business growth grants. These are again usually location-specific, so be sure to check if your postcode is eligible for funding. Alternatively, if you’re interested in making your business more energy-efficient, you can look into applying for an Energy Efficiency Grant to support your project.

Grants can be incredibly competitive, which is why it’s worth paying close attention to specific criteria that could apply to your venture. You’ll be able to find grants for things like tourism boosting initiatives and businesses that support local artists.

Bank Loans

If you’ve been unsuccessful in finding government funding in your area, traditional bank loans are always an option for startups in the UK. While many loans will require you to have a good credit rating, some lending schemes are specially geared up to support first-time business owners, which could make them more understanding in some circumstances.

Securing funding from a bank is typically an easier process than applying for a grant, but that doesn’t stop many entrepreneurs from being rejected. If your financial history is riddled with debt or missed payments on your mortgage, you can struggle to get the fresh start you want for your business. Consider taking out a secured loan if your bank doubts your ability to make payments on what you owe. This means that the bank will be able to claim your property or other assets as payment if you fail to uphold your end.

If you do want to pursue bank loans as an option, remember that there’s no one-size-fits-all solution. Before taking out a large, long-term loan, consider whether a bridging or short-term loan could suit your needs better.

Bad Credit Loans

If you’ve tried to secure funding from a High Street bank and aren’t eligible for government grants, there are alternative loans available for people with bad credit. Some of these providers will be available exclusively online, while others will have offices you can visit in person. Remember to be careful when taking out a bad credit loan, as interest can be much higher than on more traditional business loans. Companies like Capify have options available for entrepreneurs with a low credit score, while Liberis Finance may offer merchant cash advances to those in need of capital.

Non-Government Grants

If you had your heart set on a grant but the government couldn’t deliver, don’t lose hope just yet. There are many other organisations that help budding entrepreneurs to get their ideas off the ground if they meet certain requirements. For example, The National Lottery is committed to funding startups and voluntary organisations all across the country. Often designed to help businesses looking to improve their communities, their grants are always worth a look.

Aimed at young people, The Prince’s Trust can be particularly helpful if you’re aged between 18 to 30 and are trying to start your own business. Not only can they help you financially, but they also offer advice and mentoring to support you on your journey. This is particularly valuable for people who are new to business and don’t have any previous skills or experience in starting their own company.

Remember that while you won’t have to pay grants back, you should always ask for a realistic amount in your application. Organisations expect you to fully support your request for a grant with in-depth reasoning and possibly even a copy of your long-term strategy and goals. It’s best to work this out yourself before putting your business forwards for consideration, otherwise, you could be setting yourself up for failure.

How Long Does It Take To Secure Small Business Funding In The UK?

The process of getting the funds you need can vary and often depends on the kind of funding you’re looking for. Getting hold of a traditional bank loan will take considerably less time than applying for a specific grant from your local council. But the main thing that puts off entrepreneurs is getting rejected. It’s understandable to be disheartened after your applications aren’t accepted, but it’s important to keep going. Because there are so many options out there, eventually you’re bound to find something that works for you.

To increase your chances of getting accepted for a loan or grant, speak to an accountant or financial advisor. They can help you find the right opportunities and hone your application to perfection. 

There is the uncertainty of whether your business will gain traction or not. Most small businesses fail, and it’s mainly due to financial issues. It’s true that you can save up before getting started with a business. However, keeping your business running means you need more than just your own money. At some point, you’ll find yourself needing third parties to fund your business. In this case, it’s important to know your funding options ahead of time. We have listed below some funding sources for your startup business.

Where To Get Funding For A Startup Business?

To have a successful startup, you’ll need to invest in other aspects like marketing. Now, you could learn how to determine the best marketing strategy for your company. However, that will take up much of your time. Hiring a startup marketing agency will help you focus on growing your business instead. 

They cover pretty much everything. Brand development, marketing, and advertising. And best of all, some startup branding agencies can connect you with future investors. This is important for any startup business, which will be discussed briefly later.

While this is true, investing in startup marketing can be expensive if you’re just starting. It’s like the chicken and egg dilemma. Luckily, there are other funding options to avail a startup branding agency’s services.

1. Bootstrapping

Bootstrapping or self-funding is a good way of getting funds for a startup. If you’re still in the early stages of your business, it’s difficult to immediately get traction. It’s one of the challenges of starting a business. You can take your chance with some investors. However, without startup branding, you’ll find it hard to convince them to fund your business.

Investors won’t lend money to a startup that is bound to fail. They wanted to partner with businesses with strong chances of success. That’s why most first-time business owners start with investing in personal resources. This means payments for business expenses will come from your own pocket. 

While bootstrapping is difficult, there are some advantages to it. For one, if you survive self-funding, that means you have a good business strategy. And because of that, investors will be attracted to funding your business in the future. They usually consider this as a favourable aspect. And, it is extremely satisfying to see your business grow from your hard work.

However, this is only ideal when your business has minimal needs. Some startup firms need funds from the start. If you find yourself in that category, this method is not the best solution for you.

2. Family Members And Friends

Aside from bootstrapping, your family and friends are also a great source of startup capital. This is one of the simplest ways of getting funds. You can establish your own conditions. Plus, these are the people who know you best. You don’t need to present a track record of previous loaning activity. That is to say, that you asked them properly. If not, there will be consequences not only to your company but also your social life. People reported feeling hurt, as well as resentment towards family and friends. And some even said it resulted in irreparable damages to their relationship. To make sure you’re doing it right, here are some things to consider:

Having full support from your friends and families is the best foundation of a good business. Many successful businesses today resulted from good relationships with friends.

3. Crowdfunding

Crowdfunding is a relatively new method of funding your startup business. It’s the equivalent of getting a loan, donation, or investment from multiple people at the same time. To get funding with this method, startup owners need to post on a crowdfunding site. It usually contains a thorough description of the business, including goals and plans. The platform helps you reach out to people who will be willing to invest in your firm. When they like your business concept, they will donate money. Those who donated will make online commitments in exchange for a pre-order. Anyone can make a financial contribution to a startup that they believe in.

Moreover, it’s not just useful for getting initial funding for your business. You can also raise funds for your products in the future. With an effective startup marketing strategy, you can use the platform to your advantage.

4. Venture Capital

Venture financing is not for every business owner. Investors in this group are more focused on funding technology-driven companies. They are more inclined towards firms with the potential to grow in certain industries. These include industrial technology, communications, and biotechnology industries. Their main goal of investing is for firms to carry out a promising yet risky initiative. This includes handing over a portion of your company’s ownership or stock to them. Venture capitalists (VC) also anticipate a healthy ROI. It means that the company can now sell stocks to the general public. Just make sure to find those with experience and knowledge that match your business. A marketing agency for startups can help you look for VCs that your firm needs.

5. Angels Investment

Unlike Venture Capital, you will be dealing with only one person with Angels Investment. This person is known as an Angel, hence the name. Mostly rich or retired executives, they invest in small businesses run by others. They are usually industry leaders who offer their experience and networks. Alongside these, they are also experts in the technical and/or management fields. This group of investors often fund between $25,000 - $100,000 in the early phase of a firm. If you need larger investments, you should turn to institutional venture capitalists. Looking for them means you have to contact specialised organisations. You can also do an internet search on angels’ websites.

6. Accelerators Or Incubators

Joining an accelerator (or an incubator) programme is another potential fund source. Business incubators are more focused on the tech industry. They assist emerging firms in different stages of business development. Usually, incubators will invite startup businesses to share their facilities. Aside from that, they will also share their administrative, technological, and logistical resources. 

The incubation period can extend up to two years in most cases. When the product is ready, the company leaves the incubator’s grounds. After that, it can now go into industrial production on its own. Businesses with this type of assistance are usually in cutting-edge fields. These include biotech, multimedia, computer, and industrial technology.

7. Government Grants

If you think about investors, the government will be the last thing on your mind. Many people are unaware that their government provides easy loans or full-fledged grants. New enterprises are a major source of economic development. That’s why governments are willing to assist prospective business owners.

However, these programmes and grants are not widely advertised. To know more about how to qualify for a grant, you can look up your government websites. You can also ask other local startup businesses.  Generally, government grants are more focused on projects about science and technology. You will need to provide detailed information about your project. This also includes how you’re going to spend the grant. To get qualified you need to:

Although, there are government agencies that offer programmes for small businesses. For example, the US Small Business Administration has its own investment programmes. 

8. Bank Loans

Asking banks to fund your business seems like the best option. However, that is not the case at all. Most banks are afraid of lending money to startups because of the uncertainty of success. And if startup businesses go bankrupt, they will lose their money. In order to get funded, you need to have a good track record. In addition to this, a strong business plan can also help you land a fund.


It is healthy for any business to have multiple funding sources. With this, you won’t have to worry about financial problems in the future. Additionally, having diverse financial sources helps you invest in startup marketing.

Most bankers assume you have other sources of capital. It will be difficult to ask for funding for your entire business process. More importantly, having multiple sources shows that you’re a proactive business owner. With that kind of reputation, you’ll be more qualified to receive funds.

Annie Button explains the numerous routes available for video game funding. 

Many game developers have been interested in getting in on the action. The video games market is predicted to grow to be worth $256.97 billion by 2025, so it is unsurprising that individual devs, as well as game development companies, have been interested in upping their output.

However, developing isn’t easy and it isn’t cheap. Even relatively modest-sized games typically take a great deal of time and attention to be made - not to mention the hard work of a number of different people with a wide range of skills. These costs are going to need funding, but thankfully there are a wide range of options available. Here we take a look at some of the routes that you can go down if you are looking to get funding for your video game.

Avoid funding for as long as you can

It should initially be stated that it is always best to avoid having to get funding for as long as possible. Many independent video games are initially developed on a shoestring budget for the very reason of avoiding the complexities in trying to get funding. The fact is that while all forms of funding have advantages, not least the capital needed to create the game, they also all have downsides.

It is important to get as much completed as you can without funding in order to have the best possible chance of getting the funding that you need for the rest of the game. Every type of funding functionally ‘costs’ something, as we will see as we look at the ways that you can potentially fund your game.

A publisher: the standard route

The most obvious and initial route for funding is to work with a publisher. Video games publishers are companies that specialise in taking computers game to market - some publishers only work with specific games development companies, while others are happy to take on the work of independent producers and publish them.
Games publishers have excellent industry-specific experience and can provide you with the budget you need to finish the game. They also come with the advantage of having the relevant marketing tools and experience. Games also have a great deal of loyalty to some publishers - so this can provide hype for your game.
On the downside, working with a publisher often results in surrendering at least some level of creative control. It can also make the whole process of launching the game far slower, with many different hoops that have to be jumped through.

Fundraising and equity

Another popular route for video game developers is the option of getting funding either via crowdfunding or by selling equity in the game and its intellectual rights. The preferred option for many designers is crowdfunding with platforms such as Kickstarter - and while this can potentially get you all of the money you need without any downsides, it can also be comparatively time-consuming to run and manage - and in spite of the famous success stories, three times as many video games on Kickstarter fail to get funding compared to those that do.  Another option is selling the equity in the game. Instead of offering the reward of playing the game, some crowdfunding campaigns offer backers a percentage of the revenue generated by the game. 

Tax relief and grants

Other important possibilities exist. For example, getting government-backed tax relief is an important method of reducing the cost of video game production for some developers. According to R&D tax specialists Cooden Tax Consulting, if the game that is being developed is certified as British by the British Film Institute, is intended to be supplied to the general public and has at least 25% of expenditure on designing, producing and testing the game provided in the European Economic Area, it can qualify for Video Games Tax Relief. A further possibility is looking at some of the many grants providers that have been set up to help smaller developers get the budget they need to produce their game. The UK Games Fund is one of the most well known. 

Final thoughts

There are many different options with regard to video game funding - choosing the right one for your project can be the difference between its success and failure. As such it is always advisable to seek out the help of professionals with experience in getting funding for a project similar to yours. 

Chancellor Rishi Sunak on Tuesday announced a raft of new grants worth £4.6 billion to support firms in the retail, hospitality and leisure sectors.

The chancellor said that one-off top-up grants worth up to £9,000 per property would be issued to businesses in these sectors, with the aim of helping them to last through the winter.

“Throughout the pandemic we’ve taken swift action to protect lives and livelihoods and today we’re announcing a further cash injection to support businesses and jobs until the Spring,” the chancellor said.

“This will help businesses to get through the months ahead – and crucially it will help sustain jobs, so workers can be ready to return when they are able to reopen.”

In addition to the one-off grants, Sunak announced that a £594 million discretionary fund would be made available to support impacted businesses in other sectors, along with £1.1 billion in further discretionary grant funding for Local Authorities, an extension of the furlough scheme and Local Restriction Support Grants worth up to £3,000 a month.

The move follows prime minister Boris Johnson’s Monday evening announcement that non-essential businesses will be shuttered until at least February half-term as England, Scotland and Northern Ireland come under full lockdown measures once again, spurred by an acceleration in the spread of COVID-19 cases and the emergence of a highly infectious new COVID-19 variant.


Johnson’s announcement prompted business heads to call on the government for support heading into the new lockdown period.

“Tens of thousands of firms are already in a precarious position, and now face a period of further hardship and difficulty,” said Adam Marshall, director-general of the British Chambers of Commerce.

US Treasury Secretary Steven Mnuchin said on Thursday that several key pandemic lending programmes at the Federal Reserve would not be renewed, putting the outgoing Trump administration at odds with the central bank.

In a letter to Federal Reserve Chair Jerome Powell, Mnuchin asked the Fed to return $455 billion allocated to the Treasury under the CARES Act in March, much of which was earmarked as funds for pandemic relief lending to businesses, non-profits and local governments. The Fed has deemed these programmes vital to the continued stability of the US economy through the winter.

“I was personally involved in drafting the relevant part of the legislation and believe the Congressional intent as outlined in Section 4029 was to have the authority to originate new loans or purchase new assets (either directly or indirectly) expire on December 31, 2020,” Mnuchin wrote. “As such, I am requesting that the Federal Reserve return the unused funds to the Treasury.”

The move came as a surprise to the Fed, who said in an emailed statement that it “would prefer that the full suite of emergency facilities established during the coronavirus pandemic continue to serve their important role as a backstop for our still-strained and vulnerable economy.”

S&P 500 futures fell by 0.75% following Mnuchin’s request, and benchmark US Treasury yields also slipped.


In addition to the request for the money’s return, Mnuchin did extend for 90 days three separate programmes which did not make use of CARES Act Funds, including measures acting as backstops for commercial paper and money markets.

Recent data has shown that an expected early recovery from the historic economic downturn caused by the COVID-19 pandemic has begun to fade. 10 million US citizens who have lost jobs since January remain out of work.

These tips can help you get the funding you need even if your credit is not the best.


The best way to fund your business is using your own money, a process known as bootstrapping. You can turn to family and friends or tap into savings. You can even borrow against a 401k to get the funding you need. In fact, more than half of all business owners say that they received financing help from friends and family.

This type of financing is not based on your credit score and, in some cases, borrowing from family may help you increase your credit score if you use the funds to catch up late payments as well as funding your business.

Venture Capital

Another method for funding your business is seeking venture capital from investors. This type of investment is normally provided with a share of ownership in the company. The investor may also want to take an active role in your business. There are differences between traditional financing and venture capital which include:

There are many venture capital firms who offer funding to business owners. You will need a solid business plan, and there will be a due diligence review. If the investors are interested, you will agree on terms and the funding is provided.

Normally, venture capital is provided as you meet milestones which means you may not get the full amount up front. You will have to meet certain goals included in the terms to receive percentages of the investment over time.



Websites like Kickstarter and GoFundMe allow you to seek investments from a large number of people. The process, known as crowdfunding, lets people donate small amounts to your business to see you succeed. In some cases, you may have to give them a gift or reward as a thanks for the donation, usually a free product, acknowledgement of their contribution or other benefit.

This type of funding is best for companies that produce creative works like art or film as well as those who have created a unique product, such as a high-tech vacuum. There is very little risk to your business and, if your business fails, you are not required to repay the investors. The crowdfunding sites do take a percentage of anything you raise, however.

Traditional Financing

Loans are another popular method for funding a business. However, if there are obstacles to getting a traditional business loan, the Small Business Administration partners with banks to offer loans that are guaranteed by the organisation.

This type of loan is especially designed for those who may have difficulty obtaining a traditional loan, like those with poor credit. There are special requirements and stipulations you must meet in order to qualify, but your lender should have information about the Small Business Loans that will work for your company.

Grants and Gifts

There are many grants and gifts available to help small businesses, but it is important to be careful. Companies that offer to locate a government grant for a fee are often fraudulent and can lead to excessive costs that you will not be able to recover.

There are grants available for specific types of industries, such as technology or retail, but you will need to search in order to find one that works for you. Also keep in mind that grants are very competitive, so you may need to fill out quite a few applications before you are successful.

Gift financing may also be non-cash benefits such as free office space or free services from businesses who want you to succeed.

Further information on business loans is available if you would like to learn more about your options.

Though the threat of collapse has been looming over Virgin Atlantic for months, the airline is now looking to finalise a £1.2 billion rescue package from a trio of credit card payment processing companies, according to reports.

Due to the COVID-19 pandemic and its debilitating impact on air travel, Virgin Atlantic has been seeking more than £500 million in debt and equity funding for several months.

The company has already secured the support of both American Express and the Lloyds Bank-owned Cardnet and continues to negotiate with First Data. In return for its backing, First Data has reportedly demanded that it be allowed to hold onto all future bookings revenue as “protection” should Virgin Atlantic collapse.

As part of the deal, Virgin CEO Sir Richard Branson will contribute £200 million in funds from Virgin Group, which was raised through the sale of a £396 million stake in space tourism company Virgin Galactic during May. US hedge fund Davidson Kempner Capital Management will inject a further £200 million against Virgin’s assets, and a further £400 million will be raised through the deferral of fees.

Speaking on the sought-after deal earlier this month, a Virgin spokesperson referred to the arrangement as a “comprehensive, solvent recapitalisation of the airline”.

Virgin Atlantic employs Should the deal be agreed upon, thousands of jobs in the UK and overseas may be saved.

According to Sky, the final outline of the agreement will be announced by Virgin next week.

On Friday, the UK government announced the release of £400 million in government and industry funding for seven major research and innovation projects across the country.

Each of the funded programmes aims to drive long-term growth in the UK economy, with a focus on job creation, education and skills training, and the founding of future-proof industries that will assist in the country’s economic growth in the aftermath of the COVID-19 pandemic.

Today’s announcement will ensure some of our country’s most promising R&D projects get the investment they need to take off and thrive,” said Business Secretary Alok Sharma in a statement.

Included among the listed recipients of the new funds are Cardiff University, which is researching emergent technologies such as 5G telecommunications and medical devices, and Artemis Technologies Ltd, which aims to introduce wind-electric hybrids for maritime vessels and a zero-emissions water taxi scheme.

Most notably for the financial sector, £55 million has been granted to a consortium led by the University of Edinburgh, which is undertaking research into better understanding financial behaviours. £22.5 million has been earmarked to support the development of the Global Open Finance Centre of Excellence in Edinburgh and Central Scotland, the aim of which is to draw on expert knowledge from across Scotland to encourage and train emerging talent, create ethical standards and form new partnerships in the sector.

The news has been well received in financial circuits. Colin Hewitt, founder and CEO of Edinburgh fintech Float, commented that the funding “will do great things” for Edinburgh’s fintech scene.

We have a well-established financial sector and a thriving start-up culture, with plenty of cross-over between the two,” he said. “The UK government has been extremely supportive of this community, and [its] continued financial support makes a real difference.”

UK banking start-up Monzo (formerly Mondo) has closed a funding round of £60 million with a valuation of £1.25 billion.

As of its last valuation in June 2019, Monzo was ranked as the UK’s second most valuable start-up at £2 billion, 40% up from its current status. This latest valuation brings the firm closer to levels seen in 2018.

Most investors who participated in the funding round, including Y Combinator, Accel, Goodwater Capital, General Catalyst, Thrive Capital, Orange Ventures and Passion Capital, were existing investors in Monzo. However, the round also drew funds from at least two new investors: Swiss fund Reference Capital and Vanderbilt University.

A second, smaller part of the funding round, which could see an additional £40 million invested in the business, is set to close in the coming months.

Earlier this month, Monzo told employees that it would cut up to 120 jobs, or 8% of its workforce, owing to the impact of the COVID-19 crisis. The company has also shut its Las Vegas office and furloughed 300 UK employees.

Even before the pandemic swept Europe and the Americas, however, Monzo was losing money. During the twelve months ending in February 2020, the company lost $57.3 million in a push to grow its number of account holders.

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