I don’t think you get my point? I was stating that I fail to see the point of Monzo wasting time creating a whole way of being able to prove that the ballot was fair if people can cheat the system so easily afterwards. All that time creating a fair solution simply for show could have been used working on the product itself.
The whole affair has created so much butthurt and ill feeling and I know Monzo are a company who listen to their customers so I’m hoping everyone’s feedback is heard.
As I said earlier the whole system seems so unprofessional and VERY un Monzoish.
I have an active crowdcube account with existing investments under a different email id which was not used to pre-register for Monzo. As I haven’t received the email so far I’m wondering if this could be the case that the emails for both the accounts should have to match.
I’d flag that up in the in app chat if I was you. Just to check and to set it up/correctly it if it’s caused no email to be sent regarding investing more.
Monzo would share email with Crowdcube and crowdcube can send the pitch related email to that address. Registering to crowd cube is a pretty simple process which can be done on the fly just before being navigated to the investment page. Technically this shouldn’t cause any issue.
I have raised this issue with Monzo and I hope to hear from them on Monday probably.
The point I was picking up on - the one that I quoted - was specifically your comment that
& I don’t see any reason why this should be the case.
I wasn’t talking about people ‘cheating the system’.
But since you mention it - people aren’t cheating the system because they didn’t gain any benefit from pledging more / less than they planned to invest.
Monzo spent a lot of time building a tool that would randomly select investors in a verifiable way - which seems to have worked flawlessly?
But if you’re concerned that the team aren’t spending their time on the right things, there’s nothing stopping you from creating your own bank, surely doing a better job & putting Monzo out of business
Really excited to be able to invest! Tho I am very confused on how the Nominee structure works! Also feeling abit small since I could only invest 20 pound!
Would it be possible to sell/give 50% of your shares to someone? Any ideas how that would work? Reason asking is if you know someone who has been selected in the ballot and they only wanted to invest £200, they are £800 short of the cap so someone one could use that and once the shares are issued they could transfer their equitity to you. You’d obviouslt have to trust the person.
Not sure about Crowdcube nominees or Monzo’s thoughts on this but with Seedrs nominees and shares in another bank the nominees there did documents to permit a change of beneficial ownership on some shares effectively enabling sale. But probably Crowdcube and Monzo have to agree to transfers of ownership, as I assume Seedrs did not transfer ownership without their client’s permission.
I would recommend assuming that Monzo shares are non-transferable until Monzo says otherwise.
While some companies like the one Richard mentions are happy for their shares to be traded / transferred before they go public, others definitely aren’t.
We don’t know whether the investor perks, mentioned in Monzo’s blog post, will be available for owners of transferred shares either.
I’ve not heard about investors in the previous round transferring shares either which seems slightly strange.
I don’t think there is a large appetite for discussing loopholes which would get you in the back door and reduce the likelihood of others being chosen to invest, If however you had “bought too many shares and then wanted to sell to another investor who missed out on the opportunity”, then that would be a perfectly discussable topic
I don’t have the facts to hand (maybe someone from monzo can clarify for you?) but normally with a nominee holding you can contact the broker or custodian to say you have agreed a sale and they will send you forms to make the transfer. it is possible that they would charge an admin fee.
