Online challenger bank Monzo has issued a warning to customers that their accounts may not be as secure as possible.
The bank has urged customers to upgrade their phone’s operating system by 31 October, 2025, when it will stop sending updates to its app on systems older than iOS 16 and Android 9.
Monzo added that if they do not upgrade their OS then their app will stop working.
In an email to customers, the bank said: “We’ve noticed you’ve recently used Monzo from a version of iOS or Android that we’ll stop supporting on 31 October 2025.
“This is because it’s running on an older operating system (OS) that isn’t getting the latest security updates and Monzo features.
“So both your device and Monzo account aren’t as secure as they could be.
“We regularly stop Monzo from working with older operating systems.
It added: “If your device doesn’t support a more recent OS, you’ll need to use a newer device to keep using your Monzo account.”
Monzo issues warning after valuation surge
The warning comes after City AM reported that the bank was to launch a secondary share sale that is set to value it at £4.5bn.
Hundreds of employees were expected to sell tens of millions of pounds-worth of stock as part of a deal backed by Monzo’s existing investors.
The sale was said to involve existing investors, including StepStone Group and Singapore’s sovereign wealth fund GIC, which have agreed to buy stock from employees.
A £4.5bn valuation would mark an uplift from the $5.2bn (£4.1bn) price tag Monzo achieved in a May funding round and cement its status as one of Britain’s biggest tech start-ups.
Monzo, which employs around 4,000 people, has raised $610m (£490m) in funding this year alone.
The firm was founded in 2015 and has since amassed more than 10m customers to become the UK’s seventh-largest bank by this metric.