Financial Reporting Manager, Monzo
£70.6-95.5k
+ Incentive Awards tied to your performance
Digital-only bank platform and marketplace
Be an early applicant
Digital-only bank platform and marketplace
1001+ employees
Be an early applicant
£70.6-95.5k
+ 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
- This role would be well suited to a qualified Chartered Accountant with an audit background, either recently promoted to manager at an audit firm or with solid experience working at a public interest entity, ideally a retail bank
- Experience: You’re a qualified chartered accountant (ACA or CA) with an audit background and have minimum 3 to 4 years post qual experience
- Relevant Industry Experience: You have been promoted to manager and ideally have had some experience in financial reporting and control outside of practice
- Technical Accounting Expertise: You have strong technical accounting knowledge (IFRS) and experience working with statutory audits
- Banking background (preferred): You’re fascinated by the banking and regulatory landscape, and have a good understanding of key financial controls with experience gained preferably in a retail bank
- Communication: You have excellent communication and stakeholder management skills, including engagement with senior management and auditors
- Technology: Highly comfortable with leveraging data to automate reporting and drive efficiency; Skills such as SQL are a bonus
- Adaptability and resilience: Demonstrable ability to thrive in a fast-paced, tech-led, and agile environment
What the job involves
- Monzo is looking for an experienced, highly proactive, and commercially-minded Financial Reporting Manager to deliver EU financial reporting, and help us build a world-class finance function as we expand further into Europe
- Reporting to the EU Financial Controller, this role would deliver high-quality financial reporting, strong financial governance, and scalable processes in support of our fast-growing, tech-driven EU expansion
- We have some really exciting challenges as we continue to expand into the European Union, as well as continuing to grow our UK customer base and business
- You’ll work on scaling Monzo in a controlled way, while helping us optimise our financial reporting processes with the help of technology
- Overseeing monthly, quarterly and annual financial reporting processes for Monzo EU, including oversight of the service provision under the Inter-Group Operating model from the UK to the EU
- Ensuring compliance with IFRS and company accounting policies, leading the implementation of new accounting standards and disclosure requirements
- Supporting the production, review and delivery of the MBEU annual report and external financial reporting
- Working with our external auditors during audits
- Maintaining internal controls over financial reporting (ICFR), protecting our financial data and our balance sheet substantiation process
- Managing and mentoring more junior team members involved in the reporting process
- Contributing to strategic projects including supporting the EU Financial Controller and EU CFO with the requirements of the EU expansion programme, coordinating with the expansion programme as well as ensuring Finance processes are set up in a well controlled and timely fashion
- Collaborating with the MBEU team based in the EU, FP&A, regulatory, tax, treasury, and other cross-functional teams to gather data and align reporting
- Working with our engineers and data teams to automate the production elements of this role, allowing you to focus on the parts of the role where your knowledge and skills provide the most value
- Supporting the CFO and EU Financial Controller with leadership team board compliance obligations and related ad hoc activities
- Supporting our finance control team to ensure a swift month-end close process, particularly those around complex areas such as share options, provisions and financial instruments
- Driving continuous improvement in reporting, reconciliations, and controls using modern finance tools and methodologies
Application process
- The application journey has 4 key steps
- A call with the Recruitment Team
- Initial Interview with the Hiring Manager
- 2 stage interview loop - Role Specific & Behavioural
- This process should take around 3-4 weeks - your schedule is really important to us, so we promise to be as flexible as possible! We have some guidelines on using Artificial Intelligence (AI) to ace an application and interview at Monzo
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).
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
$457.2m
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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