If thats meant for me, you called that wrong.
I think Monzo are a dead duck to be honest as I just don’t see how they will make money. Investor appetite very low as they only got 50 + when they were looking for lots more and that led to the GC note of course as they do not have funds for 12 months as they are and do need another round relatively quick I think especially if Covid carries on and there is more impact on assumption on debt profiles that could also hit Reg Cap again.
If I look at the “top 3” I like Starling and Reveolut, but really don’t get Monzo.
I like Starling as its run by a banker, had one cornerstone investor for a long time and recently took on another , but they have never had to hype and PR to get the next VC’s dribbling for the next round. They have had a couple of things go their way as well, the 100m of Govt grant that they spent about 16m of and still have the rest in creditors but of course have the cash in hand.
Covid has allowed them to lend with a Govt guarantee on most of that book, compared to Monzo lending small amounts in way of OD and some loans with no guarantee and to I think a relatively high risk client base (job losses at the gig economy, Genz etc are brutal now).
Without the Covid injection and BBL Starling were OK at the accounts numbers but have cranked it up last few months. I think it was also telling that they were one of the only banks to do an element of fraud check on BBL applications so are probably quite protected on the Govt Guarantee compared to others who borrowed the Feds printing press for the 50k’s
For Revolut , I like the product a lot, I use it a lot but don’t really see how they make money off me and how they will in future. They are convenient and pretty fair and do seem to be taking on areas others kept well clear off such as crypto and were clearly very close to Wirecard. That for sure has helped the growth, but may have risks that bite them on the arse as well.
I do think that Revolut as well are run a lot more as a business and focus a bit more on growth that has potential to become profitable (probably older clientele than Monzo) and are less gimmicky and not so driven by PR hype.