This is a great post on Monzo from ycombinator
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Monzo have around 3x the number of customers and this is a numbers game. Starling accounts do tend to have more money in them though.
Monzo valuation hits $4.5bn on back of drawing thousands of new customers
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Is that a rewrite of this? I canāt see because of the paywall: Monzo valuation hits $4.5bn on back of drawing thousands of new customers - Business Fast
Yep, same article.
You get section 75 with flex
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Monzo was always a great product, but now itās becoming a great business. Deposits increased from Ā£1.4bn to Ā£3.1bn ($4bn). 25% of revenue is from new products. Meanwhile, they increased operating income by 71% and net losses by just 1% . No wonder investors are interested; thatās a very positive trend. They remain #1 for customer satisfaction and the 2nd most loved brand in the UK overall. Critically customers using Monzo as their main bank increased from 13% to 18% and continues to trend upward.
Monzoās infrastructure is a strategic advantage that doesnāt get enough attention. As they continue to scale, their strong unit economics are kicking in. "Monzo spends Ā£2 ($2.64) per active user per year to run infrastructure, 10x lower than incumbentsā costs .
As well as some other things. Not going to copy / paste everything as it feels icky to post someones work like that.
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Update from Monzo today - the shares are now worth Ā£14.4125 each
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They look to be back on the rise after a couple of difficult years. Five years ago I paid my colleagues in doughnuts to keep refreshing Internet Explorer to ensure I got into that first round. Best ever return on doughnuts.
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No update from them on markets outside the UK though?
Interesting to see if this is the rumoured tie up with Freetradeā¦
Monzo chief vows to scale up business despite fintech turmoil
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I feel it will be closer to Chip or similar platforms that allow investing in pre-selected funds, instead of a free access to any securities.
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Really good stuff. Monzo could break even next year if that revenue growth keeps up.
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Thought iād save a new thread. So 2 days ago i saw a transaction on my Monzo account with money going to āTikTokā. I flagged as fraud with Monzo. Browsing to see what else I could do, I came across the Monzo community forum. A thread was created last week with people having the same transactions appear. Thought iād create an account there and share my experience. Twice Iāve had my comment under moderation (makes sense, first time posting) but both times it has disappeared after a few hours without notice. Moderation is fine but not publishing a comment relaying experience isnāt great. Or is it just a closed community?
While thatās quite concerning, since I havenāt received a response to the fraud reporting in more than 36hrs, I have at least now received assurance of attention from the in-app customer service after contacting them directly.
Hopefully these fraudulent transactions havenāt impacted a lot of users. Link to thread below.
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Comments may be removed if they include identifiable information or are abusive or any number of reasons. Itās not a closed community, but that said, certain behaviours/attitudes will get short shrift.
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Thanks for the insight. Would be understandable but removing a civil comment highlighting an incident no different to others without abuse (thatās not how I operate) is disappointing to say the least.
Monzoās investment update.
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