Biggest threat to Monzo in 2019

[WillP79]

Here’s a post I made a while back on the “Race to 2m users” thread:

@WillP79

The shape of the curve will be interesting. It has been a straight line for months, which I’ve always thought was weird, unless there’s some limit to the number of daily signups. I would have expected it to be more exponential if the growth is word of mouth, but either way, there will soon come a point where Monzo will have to move from being an exciting new idea to being something that the majority will switch to. This includes people who:

1. Usually run out of money in the last week of the month, and who think 50p is a lot.
2. Want all their products with the same bank.
3. Are not used to contacting their bank, so don’t care about service.
4. Hate switching banks.
5. Never travel.
6. Just don’t care.

I wouldn’t be at all surprised if it proved impossible to get to 2m without going abroad, and I don’t think that’s necessarily a bad thing. If they can do 1m in fifty countries, they’ll be laughing.