Senior Financial Control Analyst, Monzo
£60-65k
+ Incentive Awards tied to your performance
Digital-only bank platform and marketplace
Posted today
Digital-only bank platform and marketplace
1001+ employees
Posted today
£60-65k
+ Incentive Awards tied to your performance
1001+ employees
Company mission
To build a new kind of bank that makes money work for everyone.
Role
Who you are
- You’re a qualified accountant with a few years’ post-qualification experience, ideally in financial reporting/controlling teams and working in a retail banking environment
- You have a strong understanding of technical accounting standards
- You have a great eye for detail
- You’re fascinated by the banking and regulatory landscape, and have a good understanding of key financial controls
- You’re a self-starter and enjoy tackling what needs doing, whether it’s making a bank transfer or pulling together reports for investors
- You’re comfortable translating complex information into simple words for people with diverse backgrounds
- You’re interested in using data (SQL skills would be a bonus)
- You thrive in a dynamic and constantly evolving environment
- What we’re doing at Monzo excites you!
What the job involves
- Monzo is growing fast - new products, new markets and new locations. As we expand we need to make sure we can support our businesses and control our processes, so we are growing our team to meet these exciting new challenges!
- Our team sits within Monzo’s Finance collective and our job is getting the numbers right. We’re currently a team of seven qualified accountants, split between our Cardiff and London offices, and we ensure the ledger’s correct at every month-end. We work closely with all areas of Finance and the product teams to make that happen
- We're looking for a proactive, enthusiastic and commercially-minded accountant to work on our financial accounting, and help us build a world-class finance function. This role would be well suited to a qualified accountant with 2+ years of post-qualification experience
- We have some really exciting challenges under way like making sure we maximise our new SAP S4/HANA general ledger, expanding into the European Union, pushing forward with our automation plans, continuing to grow our customer base, growing our lending business and adding to our marketplace. You’ll work on scaling Monzo in a controlled way, while helping us optimise our financial control processes with the help of technology. You’ll report to our Financial Control Manager
- Help embed our software capitalisation process working closely with our engineering and business teams to create an automated and scalable solution
- Take on the role of product owner for the financial reporting processes of software capitalisation, operating key controls across month end close and performing impairment assessments
- Use your strong technical knowledge of relevant IFRS standards for capitalisation and impairment to support and challenge the business on areas of judgement and documentary evidence
- Manage a tight process with the rest of our internal Finance team to ensure a swift month-end close process and group consolidation
- Understand the business and our products to write insightful management commentary
- Understand our accounting systems and make sure we are taking advantage of all features we can to minimise manual elements of reporting
- Learn SQL skills to run reports and propose solutions that make our processes efficient and scalable
- Support our year end process working with external auditors and our Financial Reporting squad
- Help review new products, assessing the accounting and implementing them in our banking platform and accounting system
- Work with the business to assess the impact of changes in accounting standards and make proposals on accounting policy matters for new products launched
- Help maintain the integrity of our chart of accounts and financial static data
- Resolve miscellaneous inquiries and support the overall finance team wherever needed - from forecasting and valuations, to bank transfers, transfer pricing and tax policy research!
Application process
- Recruiter Screening Conversation
- Role Specific Interview
- Behavioural Interview
Salary benchmarks
Our take
Monzo is a challenger bank that fully operates online and offers a full range of current, savings, business accounts, and more. The speed of the challenger banks to provide a great experience has been impressive, and the number of competitors appearing has proven the consumer desire for innovation.
Monzo remains one of the popular online banks, with more than 6 million active users. The company faces competition from more traditional banks, such as Goldman Sachs and JP Morgan, which have launched their own digital banks. However, the new technologies that the company is built on enable it to expand quickly (with fewer issues) than the incumbent players' offerings.
With an increasing amount of people switching banks, the company's ever-expanding suite of banking and financial services (such as its buy-now-pay-later offering) has resulted in Monzo receiving the second-highest net switching gains among digital challenger banks (just behind Starling).
The company launched in the US market in early 2022, partnering with Sutton Bank to provide accounts there. After several years focused on narrowing its losses, Monzo hit profitability in the first two months of 2023. It is now moving forward with an IPO, targeting a £6-7 billion valuation
Kirsty
Company Specialist at Welcome to the Jungle
Insights
Company
Funding (last 2 of 18 rounds)
May 2024
$190m
LATE VC
Mar 2024
$461.7m
LATE VC
Total funding: $1.9bn
Company benefits
- Yearly Salary Review + Proactive pay increases to reflect growing responsibilities + Share options
- Flexible working hours
- Work From Home Opportunities + we'll pay for any equipment you need to do your job
- 24 days holiday a year, plus bank holidays
- Paid sick leave for both physical & mental health + Health insurance via AXA or Vitality + Additional health insurance through Medicash
- Employee Assistance Programme
- Learning budget of £1,000 a year
- Aviva Pension Scheme + 4% Employer Contribution
- Paid maternity, paternity, adoption or shared parental leave (after 13 weeks of employment)
- 52 weeks of primary caregiver leave (6 months at 100% pay, 13 weeks at Statutory Maternity Pay, 13 weeks unpaid)
- 3 months of secondary caregiver leave at 100% pay
- Unum Life Insurance
- Access to fertility and family-forming health benefits via Fertifa
- Abellio Season Travel Tickets + Cycle-to-Work Scheme
Company HQ
City of London, London, UK
Leadership
TS Anil
(Vice Chair)Previous ly CEO of the company. Also a Board Member at Accion. Previously Board Member at UK Finance, Global Head of Payments, Products & Platforms at Visa and was the Global Head of Retail Products at Standard Chartered Bank.
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