Financial Controls Manager, Monzo
£75-85k
+ Incentive Awards tied to your performance
Digital-only bank platform and marketplace
Posted today
Digital-only bank platform and marketplace
1001+ employees
Posted today
£75-85k
+ 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, and have had several years’ experience managing financial reporting/controlling teams and working in a retail banking environment
- 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 management or 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
- Our team sits within Monzo’s Finance collective and our job is getting the numbers right
- We’re currently a team of five 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
- You’ll be managing a small team of Monzonauts day-to-day to make sure our month-end reporting process runs smoothly and accurately
- That will involve reviewing the team’s detailed analysis, approving journals, maintaining and adding to our controls, explaining our results to our Financial Reporting team and acting as a key contact for the rest of Finance into the team
- 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 head of Financial Control and Operations
- Supporting the team with their tasks and review their work
- Manage a tight process with the rest of our internal finance team to ensure a swift and accurate month-end financial close
- Understanding the business and our products to write insightful management commentary and challenge where needed to make sure we grow safely and efficiently
- Working with our engineers and data teams to automate the production elements of the team’s role, allowing your team to focus on the parts of the role where their knowledge and skills provide the most value
- Understanding our existing and new accounting systems and make sure we are taking advantage of all features we can to minimise manual elements of reporting as well as helping us make a smooth change to our new ledger
- Being responsible for ensuring our financial reporting policies, procedures and controls are up to date, relevant and useful for Monzo and importantly are scalable
- Working with 2LoD and 3LoD to develop a robust control environment
- Supporting the full year end process, from helping the Financial Reporting team draft the annual report to working with external auditors until final sign-off
- Reviewing new products, assessing the accounting and implementing them in our banking platform and accounting system
- Working with the business to assess the impact of changes in accounting standards and make proposals on accounting policy matters for new products launched
- Working closely with our Treasury team and Product Controller as we build out our range of products and hedging capabilities
- Reviewing and assessing the accounting impact of new contracts, working closely with the business and Legal before contracts are signed to establish the correct accounting treatment
- Resolving miscellaneous inquiries and supporting the overall finance team wherever needed - from forecasting and valuations, to bank transfers and tax policy research!
Application process
- Recruiter Call
- Role Specific Interview
- Behavioural Interview
- Our average process takes around 3-4 weeks but we will always work around your availability. You will have the chance to speak to our recruitment team at various points during your process
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).
After setting U.S. expansion plans aside in 2020, the company launched in the U.S. market in early 2022, partnering with Sutton Bank to provide its U.S. accounts. After several years focused on narrowing its losses, Monzo hit profitability in the first two months of 2023. In the same year, 2 million new customers joined, tallying its customer base at 9 million in 2024.
Kirsty
Company Specialist at Welcome to the Jungle
Insights
Company
Funding (last 2 of 18 rounds)
May 2024
$190m
LATE VC
Mar 2024
$455.5m
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
(CEO)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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