Employees of the UK-headquartered digital bank Monzo have told senior management they plan to form a union and ask the company to formally recognise it.
This information was confirmed to Sifted by the bank.
Sifted reported that staff at the fintech unicorn intend to join the United Tech and Allied Workers (UTAW) union, a branch of the Communication Workers Union (CWU). Monzo employs more than 2,500 people.
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.”
This way Monzo joins a growing list of tech companies forming unions, particularly in the tech-enabled gig economy. Last year Uber agreed to recognise the GMB union for its UK drivers.
In September, Deliveroo received a legal challenge from the Independent Workers’ Union of Great Britain (IWGB) which accused the food delivery startup of denying the union collective bargaining rights.
In Monzo Bank 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.
Monzo has recently 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.