50k Plus Accounts

They’d have more if they supported joint accounts :joy::joy:

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It’s fantastic news, and well deserved given how much work the Plus team put into it. The kind of take-up rate most could only dream of. :hot_coral_heart:

I know there’s more to come though. :stuck_out_tongue:

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:thinking:

I’m now wondering out of the £250,000 each month coming in, how much is taken from away from that?

You have the initial cost of making a fancy card, but thats usually a one-off cost apart from the few people replacing a few times.

Apart from that you have these that not everyone will make use of

  • 1.00% AER/Gross (variable) interest up to £2,000
  • 15% off Patch and many more
  • 1 free cash deposit a month

The rest of the “benefits” are continued internal dev costs, and I assume theres no new costs involved its just crack the whip and carry on adding things but don’t give to the “free” account people.

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If they don’t cancel, and less any costs associated with sending out new cards, less the interest they’re paying out…

Against a £113m loss last year, I’m still sceptical.

Plus has been all consuming in terms of development resources over the last few months, and for all that time and effort they’ve barely put a dent in the annual losses, and they’ve developed a product that 99% of customers can’t use. Is this a winning formula? :thinking:

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Why can’t 99% of people use it?

More than 1% are already subscribed.

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So how are we all feeling about Plus a month in? (Is that thread already made?.. Yep I found it) I feel like there’s a poll coming…

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Wait they lost 113m ?! That scares me now that they’re gonna go bankrupt

well technically its over 1% just so lets call it 98.8%…

(50000/4,499,889)*100 = 1.11113851919 %

:stuck_out_tongue_winking_eye:

Are you able to share the rate you were expecting - did you kick its ass?

To put it in some context, Natwest has ‘lost’ £770 million in just six months.

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Where’s @Peter_G when you need him?

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Have you got plus, or considering plus, will you continue to subscribe to it after the 3 months?

  • I already have plus, and will cancel after 3 months
  • I already have plus, and won’t cancel after 3 months
  • I don’t have plus, and will buy it
  • I don’t have plus, and will not buy it

0 voters

Yea, I am challenging your polling @peter_g come at me. :raising_hand_man:

I’ve cancelled already…

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Just another 100 million to go to cover the red hole.

:scream:

Am I gonna have to challenge someone else to a dance off?!

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Interesting that Monzo are pleased with this number. Maybe I’m expecting too much, but it seems like a poor take up? The fact that’s it beaten internal targets is worrying. I mean this is still essentially bringing in zero profit.

It would be good to have some communication to investors from the new CEO about plans etc. Perhaps we should have a new threat discussing Monzo’s route to profitability - because it isn’t Plus (at the minute anyway).

Edit: internal targets part of this comment is probably unfair

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You’re not going to see profit in 1 month, that’s unrealistic.

Not everyone will jump onto this straight away, so as long as update is gradual they’ll pay off their investment (time building etc) and then it will be profitable. The second tier that is currently on hold will hopefully accelerate this too.

I was thinking they would be lucky getting 25,000 to give a fiver each month for basically for the privilege of having a fancier card sit in their wallet.

Will be interesting how many in 3 months, but we’ll never know :man_shrugging:

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It’s not meant to bring profit yet. It’s meant to improve retention, increase average balance held, and usage. As long as those metrics work, it will be viewed positive by future funding rounds.

It’s likely plus itself will not make profit, but extra cash might unlock offering more overdrafts & loans that might make money (because more of regulatory required capital is now available).

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