50k Plus Accounts

Come on Dan, that is because most packaged accounts include travel and insurance items - which Monzo also cancelled, and you know that! You had a successful launch, talk that up, don’t talk down competitors. It makes you look weak.

As always ‘you’ = Monzo. Not Dan personally.

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Great poll! I’m currently on the fence about what I’ll do at the 3 month mark.

As it stands today, I’m leaning towards cancelling, but it depends on what else develops in the next two months.

As much as I love the Live Data. (And I really do love it…!). I’ve realised that YNAB is a more appropriate product for what my needs are, and so have switched that back on.

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I keep reading people say this. Apart from additional things for connected accounts is there anything else they said they were adding?

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I guess I’m not hoping for “new things” but for some of the current things to be made a bit more solid / have more functions to them.

Prime one would be the behaviours of Virtual Cards (and potential to link them to pots, etc).

It was VCards, and Categories/Data that made me sign up. If I go to fully using YNAB it makes all the dreams about Categories irrelevant (for me) - so leaves me to see if the VCards stuff changes.

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This is a massively unfair reply. I simply asked a few questions. As an investor I believe they’re fair questions to ask. Honestly it’s pretty poor form to accuse me of that. I want Monzo to succeed, I invested money in them so they could!

I didn’t make any sweeping statements, I asked questions. Questions I am more than entitled to ask. I don’t continually berate Monzo. I want them to be better. The app is great. I love Bills Pots. I wanted the original vision of a financial hub to come through, but it’s not happening. So all I asked was what’s the plan in additional to Plus. What’s Monzo’s route to profitability, because on that rate of sign ups Plus alone is not enough.

And yes, you’re right I don’t know the answer to any of those things. That is what I am asking. But instead of any valuable contribution I just get snarky responses from a member of staff (acting in a personal capacity I am aware) accusing me of things that aren’t even true.

In fact in my original comment I even said, maybe I’m being unfair and don’t know whether that represents a good result. But I don’t know. Because there’s been no engagement, that’s why I’m asking.

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:woman_shrugging:

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It’s hard to know how good a start it is without comparing it to other paid account launches.

Having said that, it’s just one way of diversifying revenue sources. If you can earn revenue from paid accounts, switching energy, interchange, interest on loans and overdrafts then you are already having a mix of revenue sources. Yes, it’s bad now and for the next financial year but things will return to normal in 2021 once a Covid vaccine comes out and people start going out as normal.

I find the more bespoke categories have led to me saving far more than the £5/month it costs (booze spend :grimacing: ).

My gut feel is that over time the risk engine on loans/overdrafts will be refined and more customers will be offerred them. Although the last thing you’d want to do is expand that now in a recession due to the inevitable spike in bad debts.

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?? If they have 50,000 Plus accounts, it won’t be making a significant profit after months… don’t see what is wrong with that.

Happy to concede I’m wrong on the second part - like I’ve said maybe I’m being unfair on the sign up rate. But I am just asking questions to try and understand it.

Instead I’m being accused of blatantly untrue things from staff members and now getting other forum members jumping in and offering nothing of value.

Why can we not just have a discussion on Plus and Monzo’s wider profitability without all this nonsense being thrown about?

Is it supposed to? What do you class as significant? They will have a figure that we won’t see that they would like to get from plus and premium

Plus is just one of a few ways for Monzo to make money

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That’s £3m in annual revenue. We don’t know the margin. If that was pure profit then it’d be quite significant for a product that launched a month ago. So you can’t be sure that it won’t be.

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Maybe he’s seen all your other posts? As well as the ones in this thread??

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I’m not sure it won’t be. I’m asking questions to understand. £3m revenue doesn’t offset the losses they’re making.

You weren’t asking a question though, you’re stating that as if you know it.

A question would be: “Would 50,000 subscribers generate significant profit?”

I quite literally asked questions in my first comment on what the plan for profitability is

Agree or disagree, the Code of Conduct bans:

  • Ad hominem attacks (criticising a poster personally, not their post).
  • Responding to a post’s tone instead of its actual content.
  • Replying in a confrontational manner when we see a post we think needs attention (use the flag feature to report it instead).

I can understand @Dan5’s frustration, and frustration at users raising similar issues, but they do appear to have the right to do so without being personally attacked (which I’m not saying Dan did, just noting that people seem to think it’s OK if they are).

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I’m fairly unimpressed by the Plus offering but 50K signups is nothing to sniff at. Well done!

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Alex, the latest results show a loss of more than £100m. Even if the profit rate on Plus is 99% then nearly £3m isn’t significant in this context. I don’t think that’s an unfair thing to suggest.

I even suggested a whole new thread to discuss profitability.

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There’s 2 things to bear in mind there 1) more people will subscribe to Plus in the future, this is a promising start 2) Monzo’s taking significant steps to cut costs at the moment. So by the time the next annual report is published, Plus could be generating significant revenue for Monzo.

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Because you wanted another thread to post your constant negative thoughts.

Plus isn’t going to generate £100m+, that’s never the aim and if that’s your metric of success then you’ll never be satisfied.

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I’d be interested to see a comparison of how signups now compare to Plus V1 and Plus V2 - I’m guessing the number this time is embiggened given I don’t remember a 50k post on either v1 or 2.

I’m super interested to hear what their marketing strategy has been for Launch - clealry they’ve had more of a strategy this time, so if the Plus team are willing to do a Q+A again I’d love to hear it.

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