Monzo 📱 🏦

I don’t think I would ever move my wage/savings to monzo etc. But I would potentially start using monzo for large purchase spending with flex

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Aren’t large purchases still better off on a credit card though so that you benefit from all the consumer protections?

I’ve been known, many times, to take out a new credit card just when I have a big purchase coming up just to benefit from that and the 18-24 months 0% interest introductory offers.

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I think this is great timing on this product. I’m a Monzo investor so, firstly, it’s good to see them innovating again. Secondly, look at the value of Klarna and tell me this isn’t a good revenue stream. As an earlier poster mentioned, Monzo have trust, they will be able to navigate this field very well, they’ll lend responsibly, have good information on when people are getting in to trouble, and it stops people going elsewhere. 5.5m people will potentially have access to this over time, 19% apr on a fraction of them, on a fraction of their purchases still equals a lot of income. Looking forward to Monzo’s next raise to see what the market thinks they’re worth. As for the going concern worry: if you’re Barclays or Lloyd’s and someone has technology that can reduce the cost of each current account to what Monzo have done they have a lot of value. Worst case is them being bought out at some point.

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When I had some dialogue with monzo - I had suggested they implement a Curve type feature allowing certain types of transaction to go through via current account and other purchases to flow via a credit card of customers choice. These transactions could be auto-routed by retailer or amount.

If they continued down this path and offered BNPL option too - they would honestly win a serious amount of the market share.

Ultimately partnering with retailers is where the real money is, and they can earn kick backs here. Though I honestly don’t approve of the whole BNPL market, they could also offer customers the ability to covert any of these balance into loans at a click of button - turning them into revenue generating deals.

Monzo has the customers - the ball really is in their court - not sure why they aren’t innovating more.

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I had seen the below article yesterday on GS buying a BNPL firm and started looking into what other BNPL tech startups there are out there, having recalled some chat on the forum regarding Zilch. Glad to see I will get some exposure to it via my investment in Monzo now.

If Greensky was valued at $2.2b with $4m users surely Monzo should see a valuation uplift?

https://finance.yahoo.com/news/goldman-buy-greensky-2-24-123049124.html?fr=sycsrp_catchall

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Similar to Afterpay

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Actually I think Flex is a great product by Monzo.

  • Brings instalment features into day to day banking app, rather than having to goto another provider like PayPal for instance
  • Will increase Monzo’s share of wallet from consumers and therefore will increase their interchange revenue (for instance now I’m thinking whether to put my next iPhone on amex or instead over 3 months with Monzo)
  • Clear pricing with a decent margin for Monzo for those who opt for longer repayments
  • Repayments can be consolidated onto a single date each month making it easier to manage for users
  • Can flex card present payments which is not possible generally speaking with most other providers
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Monzo just introduced cashback for international transfers for Plus accounts. So essentially lowering the transferwise fees for plus customers.

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Cashback on international transfers… why not reduce the fee? seems to make the process more complicated, but maybe just me.

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Not just you, I thought the same. But it might just be easier to implement that way because transferwise is a 3rd part provider.

I tried it and it works. Got money back a couple of minutes later.

How much do you get back?

Couldn’t find the percentage, but I calculated it at 0.3%.

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It’s a significant amount of the fee

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3 free sharea when u sign up to freetrade through Monzo :eyes:

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what are the chances of Wise acquiring Monzo…?

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I wish someone would acquire Monzo because I really want my money now :slightly_frowning_face:

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I’ve been accepted to use Monzo Flex so though I’d screen grab a few bit and share my first experience.

First 3 screen just to clarify what Flex is - nothing much new here



Not bragging but I can flex £3000. I didn’t it though.



I put most of my purchases on my Amex for the cashback, S106 & sense of smugness from having a fancy looking card!

I found this transaction from Wefunder so though i’d spread it over 3 months. They immediately refund the whole amount and then take the first instalment.

It’s all kept on a virtual Flex Card. It’s very very simple and I can see this being a big feature boost for a bank that lead the way to start with before being caught / past by the competition.

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I have it too and I am used to using it with another provider but in a credit card. It’s a great feature to have!

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I’ve had the invitation today too… It seems you need to have the full transaction amount available in your balance first before you can use it, to then get a refund? I guess its a clever way to get people to leave more money in their accounts?

That is true now, but won’t be the case soon as they are implanting Virtual Flex Cards so won’t need the full amount in your account. It will be a bit closer to a credit card in that respect.

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