To put it in some context, Natwest has ‘lost’ £770 million in just six months.
Where’s @Peter_G when you need him?
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
Yea, I am challenging your polling @peter_g come at me.
I’ve cancelled already…
Just another 100 million to go to cover the red hole.
Am I gonna have to challenge someone else to a dance off?!
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
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
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).
Of course you have.
Going to back up this claim yet?
The products to which I was referring were the open banking integrations and custom categories - because they seem to have taken a fair bit of work and dev time.
And 89.9% of customers can’t use these tools because they’re behind a paywall, and they won’t pay up because the Plus bundle means paying for nonsense stuff like a premium style card, a free cash withdrawal, special offers, etc.
I think it’s madness to put this much dev work in and then bundle it with shite that means the overwhelming majority of customers will never see the benefit of the work.
I presume Plus+ will have this, plus the extras, which I guess is the big one for revenue.
So all this work wasn’t just for Plus.
Odd that you tagged me into this topic for a throwaway comment I made a week ago, but whatevs.
sorry I forgot to add the I was only tagging that it might be of interest nothing more to it . I thought it was only yesterday and then boom a post about it like they were lurking, blimey my brains fried.
All that one person wasting their time on a forum posting opinions that attack 50,000 people
I see people are flagging posts again to score points. We’re better than that…
Monzo grew in normal times through meeting, sharing, showing and advocating. Let’s wait until normal life resumes and people can advocate for it to spread the word. I think it’s great value and I’m sure lots of other people will too,
I’m not talking about profit for month one. I’m talking about the whole concept of Plus being profitable.
I’m not talking about profit for one month. I’m talking about the entire concept of it making a profit for Monzo. It won’t even be making them a significant profit after 12 months at this rate.