Interesting - I just had a look on their website. Their free offering doesnāt really give me anything that Iād need that Monzo doesnāt.
I basically just want a recognised bank to handle my salary, all of my DDās and give me some budgeting analysis, alongside having some pots, round ups etc. The fact theyāre 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 ? Thatās the real selling point for meā¦ (jokingā¦)
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 itās not as once fully regulated the U.K. financial regulators have to approve senior appointments - Monzoās new CEO is still pending full approval.
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 Revolutās 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.
When itās time, itās time. New management means many of the original lot wonāt fit with the next version of the strategy, and thatās 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 itās 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.
Ok my post was slightly extreme but I still donāt 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 itās just well I donāt even know. But we will see how it unfolds.
Iāve been using his wine subscription service for the past four months and itās great. Itās a proper start-stop subscription unlike Laithwaites etc and Iāve been impressed with every bottle Iāve had. The first month he delivered every box by hand, I got him at the end of the day and he looked knockered.
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. Iām glad he has been pushed out. If I am wrong in my summarisation then apologies Tristan
Whatās unbelievable about it? People have dreams and ambitions outside of their day job, and I donāt think thereās 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.
Iām 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???
Maybe Iāve 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
? Thatās the real selling point for meā¦ (jokingā¦)
