Monzo šŸ“± šŸ¦

Thatā€™s fair enough - but if you get Premium, which is I think the same price as Monzo Plus(?) All caps are raised significantly - and you get far more for your money IMO.

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Interesting - I just had a look on their website. Their free offering doesnā€™t really give me anything that Iā€™d need that Monzo doesnā€™t.

I basically just want a recognised bank to handle my salary, all of my DDā€™s and give me some budgeting analysis, alongside having some pots, round ups etc. The fact theyā€™re not officially a bank would put me off from doing that.

Can totally see why people like them though, for everything else they offer.

Do they have a Beta user app icon for being a long term user :eyes:? Thatā€™s the real selling point for meā€¦ (jokingā€¦)

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Revolut is not a proper bank. Monzo will have spent a lot of time, energy and resources working with U.K. regulators as they are a fully fledged bank. It brings a very different level of regulatory oversight. Revolut will still need to go through the challenge of establishing themselves as a proper U.K. bank, that people will feel comfortable leaving large sums of money in, and then maintaining the regulatory relationships. Sounds easy but itā€™s not as once fully regulated the U.K. financial regulators have to approve senior appointments - Monzoā€™s new CEO is still pending full approval.

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Widespread availability of Facebook Pay in the most used messengers will increase the customer acquisition cost for digital banks even more as one of the main selling points is easy money transfers between friends. The Revolutā€™s core segment - travelling customers was also heavily hit by the crisis. The only road to profitability I can see is developing a great credit product which is not an easy thing to pull off.

Will be interesting to watch valuation updates in the coming years.

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This is not true. Monzo continue to add 20K UK users per week. Evidence at the link below.

https://bankstats.joecarter.xyz/d/000000001/monzo-current-acc?refresh=5m&orgId=1

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Monzo continue to open and hire for new roles (despite the media hysteria and apparent impending doom)

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Clearly these staff are only being hired to help wind things down. Maybe to carry boxes out of the office when it shuts down? :face_with_hand_over_mouth:

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You might not be wrong.

When itā€™s time, itā€™s time. New management means many of the original lot wonā€™t fit with the next version of the strategy, and thatā€™s fine.

Tristan, Tom, all the others have done a breathtakingly good job of growing from 0 to a licensed, fully regulated bank with 4m customers in a few short years in a crowded, competitive and highly regulated market. And now itā€™s time for stage two, which means profitability, lending and credit and maybe driving US expansion, against the backdrop of a global health and economic crisis.

The inference that they are going to the wall because those people are leaving, or they have posted losses is a justā€¦wellā€¦ a bit mad.

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Ok my post was slightly extreme but I still donā€™t know what Monzo purpose is? They have completely lost their dna and it will get worst with the continue departure. The 4 million customers only sound good on paper. Their own ability to create or innovate anything substantial will be stifled on the fact that they have to make money now. The word Fintech & Monzo used to be synonymous. Now itā€™s just well I donā€™t even know. But we will see how it unfolds.

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Heā€™s got his own thing going on, thatā€™s all.

Iā€™ve been using his wine subscription service for the past four months and itā€™s great. Itā€™s a proper start-stop subscription unlike Laithwaites etc and Iā€™ve been impressed with every bottle Iā€™ve had. The first month he delivered every box by hand, I got him at the end of the day and he looked knockered.

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Unbelievable that he was happily taking a pay cheque from Monzo while putting all his time into drinking wine and then starting a new business delivering it. Iā€™m glad he has been pushed out. If I am wrong in my summarisation then apologies Tristan

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Whatā€™s unbelievable about it? People have dreams and ambitions outside of their day job, and I donā€™t think thereā€™s anything wrong with that. What you mentioned is very common in the tech space, people have a full-time job meanwhile having a side hustle.

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Agreed. Elon Musk founded three gazillion companies while Tesla CEO. So do most others in the tech space.

It looks like he was a much loved and valued member of the team, his arrangements with his work and outside interests are up to him and Monzo.

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Iā€™m glad he has gone,I prefer someone who will give his all to growing an early start up company struggling to find its way. Ok I could understand if Monzo were flying high BUT???

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Maybe Iā€™ve been watching to much Dragons Den but I prefer people to be focused and committed to the job in hand. Can you imagine Adam Dodds having a wee sideline lol

Adam Dodds is the CEO, Tristan wasnā€™t the Monzo CEO, he was an employee.

The reason Tristan was an asset to Monzo in its early years is on account of his entrepreneurial attitude.

If he wanted to be an employee forever, he most probably wouldnā€™t have joined Monzo in the first place.

Employees spinning out of startups to start their own thing is a healthy indicator IMO.

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Agreed. The desire to build and innovate, having entrepreneurial spirit, are intrinsic characteristics of most successful leaders in business.

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