Mutaz Qubbaj, CEO of money-saving app Squirrel, commented: “The dust hasn’t even settled on the demise of Wonga and it appears another company is sidling up to fill the void of high cost, short-term credit. If true, neo banks like Monzo are clearly on a profit drive but this is a desperate attempt.
“It would be a sad day for the sector. Monzo should be one of the good guys. It looks more like ‘let’s make spending easier’ than ‘let’s solve the problem’ of debilitating debt.”