Competitor Update 2

I used it but wasn’t taken… deleted after an hour or so :slight_smile:

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I was interested until you mentioned Facebook. I refuse to explicitly link anything life-critical (like banking) through that. Shame.

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Interestingly: I signed up to monzo through a Facebook ad :santa:

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revolut is expanding - devil take the hindmost ?

https://www.uktech.news/news/revolut-expands-team-in-20-european-countries-prepares-for-us-launch-20170817

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Thanks for sharing this Ian, some highlights -

  • The London-based startup … now employs around 200 members of staff and claims to be increasing its headcount by around 25 people per month.

For comparison, I heard from one of the team this week that Monzo now has 150 team members.

  • The company launched in the UK in 2015 and plans to expand to North America and Asia this year, with the waiting list for US customers set to launch next week.
  • Storonsky told Business Insider he was confident his company would … break-even by November.
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Here’s a quick update on Simple who’re only available in the US at the moment but that means that they would be a competitor when Monzo expands to America. It doesn’t sound like things are going too well for them right now -

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Barclays must be cleaning the valves on the computer during weekends , what together with their branch closure programme they seem to be pushing the boat out to be customer centric :slight_smile:

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The comments are funny

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whats a “chief people officer” at simple ? :slight_smile:

It’s very much the type of job title a child would make up when pretending to be an adult, sounds familiar!

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Thanks, interesting. Things that struck me:

  • 300+ employees seems like a lot to me, but I have no idea how many customers they have
  • I’m not sure why they think the can either grow or innovate. Seems like if they want to succeed, they need to learn to do both! (Unless they mean they’ve grown their headcount too quickly? See previous point.)
  • I wonder how much independence they have from BBVA when making these decisions. Not saying they don’t, but would be interesting to know.
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and I wonder when BBVA will be taking the axe to Atom Bank ?

Is Atom being absorbed/wound down?

@Pipefish intesting. Is it not important to remember in this conversation about who has built infrastructure from scratch and who has bought existing technology. I was under the impression that Starling had bought existing back end and monzo had built most from scratch.

I must say I went for an interview at Starling in december and in my department they had no clue what Monzo were doing. They thought that Monzo was just going to offer a pre paid card.

Guess it’s what we call HR over this side of the pond :slight_smile:

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Yeah, CPO is Head of HR under the American system of directorships/titles which are increasingly popular in the UK

I don’t know for sure, but I was under the opposite impression. Whilst Starling have not built their own MasterCard processor like Monzo have, I believe they’ve built their core systems themselves. But maybe this is something I assumed a long time ago and now believe to be true.

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And I think HR was the previous American import? Prior to that wasn’t there a head of personnel? (My working life started after the HR invasion, so not sure on that one.)

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yes my dad was group personnel officer at the Co-op a while back :slight_smile: before it became human resources and now ‘people officers’ (apparently) :slight_smile:

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Oh I see, Wasn’t that the whole reason that Tom left?