puts on Monzo-scaremongering hat
If there will be a 2021 report at all!
takes off hat
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Three things strike me about this
- All banks are struggling right now: monzo’s losses are small compared to many of the others
- Monzo won’t cease trading. 4m customers and all the technology behind them is too valuable to throw into the bin. Monzo may run out of cash at some point, but someone will buy them at discounted price and inject some cash, just to get their hands in the customers and the intellectual property
- The FSCS means our money is safe with monzo
But it’s not all roses. Monzo clearly have a lot of work to do to make themselves profitable. There’s no getting away from that.
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I’m hoping that the Plus/Premium model will help them a lot towards profitability. It’s a small amount a month which people happily pay to the big banks so if people would be prepared to do the same for Monzo, it will help them significantly in terms of their profitability.
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that I think is a very fair comment …
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As someone who was a Loot customer (Loot went bust last year), once the company went into administration, you had around two months (if I recall correctly, do not quote me on that) to transfer all your money into a different account. Loot was not even covered under the FSCS, so there was even more risk involved. Even if Monzo was not highly liquid (which it is, based on what I have seen in the report), the FSCS cover is there to serve as a guarantee that there is no risk involved. The FSCS has a list of failed firms and based on how long that list is, I would say that they have experience with this type of problems. Even if most of them are not banks, here they also mention about 5 banks that have failed.
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I fear this type of scaremongering will damage monzo’s reputation and people scramble to abandon a ship that isn’t sinking. 
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I won’t pretend to be surprised that FT and City AM have taken the chance to put the boot in
They must have a lot of ties, both personal and professional, with larger and/or established players and never have been wildly enthused about :mondo: that I have noticed
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They must have a lot of ties, both personal and professional with larger and/or established players
and never have been wildly enthused about :mondo:
That’s what marketing departments are for not journalists.
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Yeah, never happens that sort of thing
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This year was always going to be tough, Nat West Group announced a £1.3bn loss this morning, and were in profit this year because of COVID.
I’m still long on Monzo, the business has a lot going for it, and I hope will be sustainable in the next few years.
on a sale, if the bank is sold, I would bet the house it’s sold to a non UK org who wants into the UK, JP Morgan Chase have been eyeing up the UK for a while, and it would be easier to buy a Monzo/Starling and use that as the beach head in the UK.
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It’s a standing joke that the FT will take any opportunity to put the boot into Monzo. Whether it’s because they have interests in RBS or just because negative Monzo headlines generate click-through revenue, who could say? But journalistic integrity it is not.
Not heard that phrase before. It begs the question, is it possible to have a sharp mellow?
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Used up my free access but can guess what it says, may have to try VPN to website
True, but all he does is try to belittle Monzo and rave about Revolut.
There’s posting articles and then there’s trying to troll.
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There’s a lot of that about of late.
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Tucked away in the original piece from the FT is this little nugget about an even more expensive account coming later in the year. Monzo Plus+ ?
It has opened about 36,000 business accounts since opening in March, and relaunched its £5 a month “Monzo Plus” account earlier this month. Mr Anil said early sign-up numbers had been higher than forecast, and the company is expected to introduce a more expensive account with additional perks later this year.
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