Bank customers were left unable to access their money after neobank Monzo’s services went down on Monday July 29.
From declined transactions to locking people out from their accounts, the app-powered bank saw several of its customers reach out to it after its services crashed across the platform. Other problems included showing incomplete or old account information.
After about an hour after first addressing the issue on its website, Monzo stated that it had found the issue and had rolled out a fix to the problem. Nevertheless, it took a few hours before every account showed accurate information.
On Tuesday July 30, the bank stated, “Due to an incident yesterday afternoon, we’re working hard to answer a number of urgent queries. In the meantime it might take us a little while to get back to you.”
No information about what caused the crash has been released.
The crash occurred about a week after Monzo unveiled its new partnership with AXA Partners, the insurance company. The deal would see Monzo offer its clients better travel insurance options.
This deal was signed after Monzo acquired a valuation of over £2bn in June 2019. The valuation means the FinTech company can call itself a unicorn twice over. The valuation came after the scaleup raised a £113m Series F funding round in June. Y Combinator, the startup accelerator that was one of the early investors of Airbnb, as well as nine other investors contributed to the raise.
In other UK challenger bank news, Atom announced it had raised a £50m fundraising round to scale its tech and reach in the end of July.
Copyright © 2019 FinTech Global
