It didn’t sit right to keep my investment in them when I’m not going to be using the account much. Then I saw Monzo were looking to do business accounts and that was that.
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Just got an email about Coconut launching limited company support, but so far it’s really not ready for prime-time.
No Apple Pay.
Faster Payments take 1-2 hours to arrive.
No way to import transactions from previous accounts or accounting packages.
No FSCS protection.
I’ll keep an eye out but for now I’ll stick with Starling Bank & FreeAgent.
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Have you seen Mettle - https://mettle.co.uk ? In the same boat as CocoNut I think 
RBS new app bank, the guys at 11:FS have been heavily involved
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And backed by NatWest.
Are RBS part of NatWest (or the other way round)?
Natwest is part of RBS Group 
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Did anybody attend the recent Coconut crowdfunding sneak peak?
No, but there is a video in case you’re interested:
You can register for early access to the crowdfunding, share price isn’t known yet.
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They’ve sold out for £1 to a VC citing MTD being pushed back and they were counting on that to drive new business.
There is a fairly long email and obviously I can’t verify they aren’t writing BS but it sounds like they are trying hard and managed to secure some legal structure to keep crowdfunding shareholders around as best as possible but that only helps if they IPO or sell out from the sounds of it.
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That’s a shame. I guess anything that relies on the Government to implement a transformative initiative in a timely manner is doomed. Same with the Pensions Dashboard, perennial delays to the roadmap and vision.
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A shame. They’re decent guys.
Agreed that building products solely based on new government regulation implementations is extremely risky business. Look at everyone that popped up with products solely based on Open Banking a few years back. I think most of them are not still around.
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I liked what they offered when they provided business bank accounts, the app was pretty nice and full featured.
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I did wonder if Monzo would want to pick them up. After all, they partnered with Monzo to provide an escape for their directly provided accounts when they stopped offering them, and the Coconut functionality is where I hope that Monzo is going with their business accounts.
But then I thought that Monzo would want to rebuild it under their tech stack. And then I read that Coconut had already let their staff go. So there wouldn’t really have been anything left of value to Monzo. Sadness.
Anyone remember how they started life? They were called Monizo and launched, I think, just before Mondo became Monzo.
From here:
(Screenshot incase the link falls down the back of the internet).
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