But it is revenue coming in, along with money being from business banking, where 6 months ago the only revenue was interchange.
I expect all the digital banks to burn cash for a bit, including Starling who are still raising, before they can wash their own faces. But there are still investors who think Monzo has something going for them.
Not sure I said otherwise.
But it is revenue coming in, along with money being from business banking, where 6 months ago the only revenue was interchange.
Well, interest from overdrafts and interchange, plus a little bit of partnership commission here and there.
100,000 customers might be about £12m / yr annualised revenue (depends on split between plus and premium I suppose). It’s a decent revenue boost, should be maybe 10% additional revenue or thereabouts?
Profit is what matters though. Plus is mostly profit as it is software features. For Premium I think it is a six month minimum at £15 (£90 for six months) with the card costing in the region of £50 upwards I believe has been said. Of course there are expenses involved which we would(rightly) not have access to, for example how much they are paying for the insurance cover. So it is a revenue boost for sure, but profit will be much less.
It would be interesting (to me) if in a year whether Plus or Premium generates more profit based on expenses and churn.
Yes, agreed, £12m is revenue and we don’t know the profit.
I’m sure premium has a decent gross margin or they wouldn’t have released it. What that is, who knows. I very much doubt there’s a net margin yet on the product as a whole and they must have had a big team on this.
Oh for sure - I was treating dev time as sunk costs 
I think the main issue is that Monzo has gone half cocked again.
Yes I have decided to go to Lloyd’s, although I will still use Monzo.
£15 a month for a premium account does not sound too bad. However when you look it does not make sense unless your in the 20’s and healthy.
Forget the gimmick of that half metal card with replacement fee.
Most people have underlying conditions somewhere, I don’t even at 50, but my wife does. This is not covered on Monzo.
Lloyd’s it’s included under screening.
Mobile phone similair and on pat, along with breakdown cover.
Why change as Lloyd’s charge £6 more.
Firstly lose that stupid card its £50 equating to £4 a month.
My missus is not covered on next holiday (Covid permitting) to Jamacia. That means I need to take a separate policy at £160 a year, so £12 a month.
Interest, yes pretty shoddy at moment. I get a higher rate on Monzo but capped at £2k, where Lloyds is capped at £5k…
If I went full Monzo it would cost more money.
Which is why my tactic is to bring more attention to my inoffensive original post.
Flagged posts are often the most interesting to me.
I’ve flagged these things to the mods before. Nothing done for weeks.
What was the reason given for the flag? Off-topic, offensive content… ?
I’m more shocked when the little green notification is a PM from a person rather than the usual suspects flagging me.
It’s good when a mod sees it and restores it before I have to do the fake edit.
It’s quite interesting how people have ended their plus subscription due to lack of development.
I don’t entirely agree with the [insert your chosen fintech] position of “have faith, we’re doing stuff” but equally we have no insight into what Lloyds, Barclays, RBS etc are doing and people pay for those premium products without complaint.
Maybe [insert your chosen fintech here] are missing a trick. If they just said here is plus/premium/monthly subscription it contains this, x, y, and z and it cost £5 per month with no “coming soon, we’re making this better sometime, check back soon” peoples expectations would be more appropriately set.
It’s because Monzo always gives the impression that nothing’s quite finished.
Don’t think I have it in me to scroll past a hidden flagged post without unhiding it to see what it is
The truth is you’re all off topic which is probably why you’re all being flagged
We’re beyond four mouths of Plus now. And we’re way off topic.
