When you put them next to each otherā¦ wowā¦
I believe you could, off the top of my head.
We donāt have a Freetrade IFTTT integration but I think you could triggera bank transfer through the Monzo integration which would then be deposited as normal on our end. Iām assuming the Monzo integration supports sending a bank transfer here.
The Monzo integration doesnāt not support sending bank transfers, presumably for security reasons.
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Shame. Youāll need to partner with them instead then 
thanks for looking @simonpoole
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I had high hopes for a second 
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I wish they would launch in EU. I would switch.
More bad news for Monzoā¦
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Apologies for the repost! Discourse on 
edit fail! 
Tbf Iāve just glanced over the Annual Report and I am actually quite encouraged.
Key metrics looking not too bad for a bank still in start up mode, and remember they are a bank. Decent inroads in cutting the fat, astonishing customer growth, good deposit growth, building a proper treasury function.
Stage 3 ECLs not shocking - Stage 2 however is a bit of concern but when overlaid with the credit quality breakdown the majority of their loan book is to medium to very low risk borrowers, so thereās some comfort here. I expect Covid-19 has been the key driver in driving the re-staging.
The model still remains a a concern, and securing additional investment looks like itāll be key in the short term. Itās unfortunate that the current environment makes the business account offering particularly challenging but honestly, this isnāt a disaster, though we need to make to the end of 2020 firstā¦
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Doubt on the groupās ability to continue as a going concern.
Writing is on the wallā¦
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No it isnāt
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A Ā£20m loss against against a year end loan book of Ā£145m is absolutely horrific (14% default).
Also, I donāt see anyone buying a company that would lose them over Ā£100 million a year, when they can just let monzo fail and get those customers and their deposits for free.
Weāll see reductions in revenues and higher credit losses
Not exactly what you want to hear from the founder and president.
Monzoās days are numbered imo.
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Disagree. This is exactly what I want to see from senior management and leadership. It gives me reassurance that theyāre at least aware of the issues if not working to address the threats facing the business.
On the Ā£100m lossā¦Uber lost $8bn on revenues of $14bn last year yet the share price today is pretty much where it was at the start of the year, underpinned by the perpetual promise of jam tomorrow. Iād expect there a fair few suitors eyeing up Monzo right now based on factors that are not linked to the businessā short term profitability forecasts.
On the Ā£20m loan losses, this is a conservative forward looking view on expected credit losses, driven by IFRS 9 accounting standards, rather than actual accounts in default. Note 4 and 23 to the financial statements explain in further detail what this means. It is misleading to state the bank is sitting on a loan book of which 14% of the portfolio is in default, it is not.
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Yikes
It is not accurate to say it has 14% default
If you feel keen and want to learn more you can read up on IFRS 9 expected credit losses
At a very very basic level, they need to report next years estimates alongside this years
Also have you looked at any other Bank at the moment
i.e.
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Iām really not concerned about Monzoās survival. Several million active customers (I assume) and a good app is undoubtedly worth something. They could always offer mortgages on their own balance sheet, that wonāt be at a SaaS valuation though.
The valuation for the next raise is probably very much dependent on the success of Plus, will be interesting to see.
Monzo will likely need to raise more money in the next 12 months to fund its losses.
Personally I think we will see another heavy discount in valuation.
Management have had a number of misfires including launching in the US, two attempts at Plus (I think v2 is just as poor as v1), and have not been able to execute on lending.
I wouldnāt be backing management with more cash at the current valuation. Tough times ahead.
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Should I be worried about my Monzo account? In short, no. Itās important to note that Monzo is in no immediate financial danger and it is continuing to function as normal.
All this Monzo hysteria is getting a little daft now. Youād think theyād lost billions and were about to go under any day given some of the rhetoric.
Compared to the covid write downs/losses of other banks which come hot on the trail of PPI compenstation losses which come hot on the trail of the global financial meltdown collapses and bailouts, Monzo seems to be doing relatively alright!
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Some context into Monzoās recent fund raise:
Tough times ahead?? I donāt think so. Cruise control from here on in. Monzo are just going to grow and grow. There business banking is light years ahead of BOS and once they enter the US they will be far more profitable than both Starling and Revolut