Buyout


(Trevor Mitchell) #1

Hi monzo, I’m interested in what the big banks think of you, are they quaking in their boots, if so I would have thought they would have moved quickly and tried for a buyout before you even got off the ground, if they did I’m pleased you said no as I love my monzo, it genuinely feels like the people’s bank.

:sunglasses: keep up the good work.


(Simon B) #2

Thanks Trev!

We’ve always made it very clear to companies that we aren’t interested in being acquired by them. Doing that would feel like we’ve failed in our mission to do what we want to.

As for what they think of us… We’ve heard various anecdotal stuff from people, but I shan’t speculate too much. Let’s just say we know they are watching us closely :grinning:


(Adam) #3

Interested to find out how they’ll adapt to how new banks are doing things?

It seems like they are watching closely, but not doing anything.

For example, Lloyds Bank. Their Money Manager is great, but I think it would work better as an app. I refuse to logon to my bank via their website.

Is there a reason banks don’t offer some things? Is it to do with their systems and infrastructure?


(Trevor Mitchell) #4

Yeah, I’m guessing it’s just down to an aging system that they have in place, I did read recently that Clydesdale new banking app for the B account has been butchered in on top of the old software, I have a B account mostly as it allows me to deposit cheques with just the phone camera, other than that it is fairly clunky and I say to would not recommend it.


#5

I highly recommend listening to this short interview with Monzo’s CEO:

  1. At 06:27, he addresses acquisition rumours and why Monzo turned down a buyout
  2. At 2:25, the interview puts it to Monzo’s CEO that Metro Bank’s Leader said “Anything Monzo can do in retail banking, an existing bank can do’.