UK digital bank Monzo is reportedly laying off 120 staff due to the challenges of the current economic situation; this is in addition to the 295 people already given their notice and the shuttering of a call center in Las Vegas that impacted 165 people; these are challenging times for the UK digital bank as just last month it was reported the company was looking to raise money at a 40% lower valuation than their previous round; Monzo is seeing less card spending both in the UK and abroad leading to significantly less revenue from interchange fees. Tech Crunch
