Competitor Update 2

Continuing the discussion from here.

Share news about competitor’s product updates, financing rounds, new entrants to the market here :loudspeaker:

To kick this topic off, Revolut’s Head of Communications has just told me that 60% of their users are monthly active users, as opposed to the 60% of Monzo users that’re weekly active users -

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A post was split to a new topic: Omise raises $25M in ICO

Revolut have announced an additional 13 currencies for in-card foreign exchange. Makes it a whole lot more attractive.

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I’m not 100% sure whether this is news but Tandem have just tweeted that they’ve created a waiting list for the cards -

https://twitter.com/TandemMoney/status/882987203093254144

which I’ve just joined because I’m curious to see what their app looks like :slight_smile:

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The link in the tweet just sends you to their website. So here’s my referral link https://tandem.co.uk/?referralCode=8S90I or if you’d rather not use it, here’s the link to their website https://www.tandem.co.uk/waitlist/.

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16447

Let’s see what they have to offer - can’t really see me leaving :mondo: though when current accounts are so near!

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After today’s outages at GPS, and the effect that had on just about all mobile banks (bar Monese it seems), customers will start to look upon reliance on external agencies for access to their money as a line in the sand.

It will help settle a few stomachs if the banks affected express their respective positions on future safeguarding. This could mean building in-house tools to gain control.

I think I read somewhere here that Monzo plan to do just that…

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They do :slight_smile: since you’re talking about all of the challengers in your post, this seems like the most relevant post to reference…

Click the :arrow_down_small: in the top right hand corner of this quote, to view the full post.

Revolut were tweeting that they were planning to start using alternative / additional suppliers (as opposed to taking the processing in house) today too -

https://twitter.com/RevolutApp/status/882883990549663744

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16,445?? Pah! :wink:

I’m with you though @alexs, signing up to compare and contrast their offering.

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Quick update @Demmedelusive @Kumnaa I must have missed this :thinking: but anyway -

If Revolut actually does this then surely Starling will?

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Despite saying they’ve no plans to move from GPS I’m not sure how a none beta bank (I don’t know how long they plan to be a beta bank) can rely on third parties with non-stella history.

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CLEO

Anyone using Cleo, their functionality is growing rapidly.

They successfully link into numerous bank accounts to aggregate,

they identify bills advising on your remaining monthly spend

They provide budgeting

They provide automated saving depending on your monthly spend

They provide request/send money

Quite impressive all through Facebook messenger.

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I received access to Tandem about a month ago now.

Went through the process of adding my bank account but it wanted my recovery questions which I wasn’t comfortable giving out to a relatively new service, so that’s about as far as I got with Tandem.

From what i saw of the app it felt rather childish …

In my opinion I think it’s quite a sad state of affairs… they had an awesome platform to do great things, but they seem to be lagging massively. However as they are very closed with their ‘roadmap’ it’s possible something interesting is going to happen.

Their aggregation idea is a sound one, but others do it, Cleo for one, who do it amazingly with other features as described above.

Can’t help to think that their loss of serious backing hit them really hard :confused:

with Agregation services the one I trust is Yolt as it backed by ING bank and written and updated by the bank IT guys

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Starling have just given a sneak peek of their Apple Pay functionality, seems like it will be available for all soon!

https://community.starlingbank.com/t/sneak-peek-green-apple-green-apple-green-apple

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I’m massively behind but I’ve just tried signing up to Revolut and did the initial top up of £10, but didn’t realise it was either a virtual card or pay £5 to get a physical card. I really like the look of the Premium cards but didn’t want to pay £7 a month to use it- plus, if you cancel immediately just to get the card you get charged £10 and it expires after a year. I would get it if I was travelling for a long period but I’m not that bothered with it right now- so I’ve tried using that virtual card to pay me on my Monzo.me link to get out the £10. It says “card is not supported”.
Oh well. I thought it would be easier than faffing about with bank transfers.

I like how you can filter transactions by country too, but the design isn’t as appealing as Monzo’s imo. For some reason it keeps opening the support page and I can’t stop it (took ages to verify my identity too). I’m sure other people can get a lot more use out of this with the overdrafts, mortgages and insurance coming soon (the airport lounge option seems amazing) but at the moment I’m not interested in getting it as a card I’d routinely use, maybe just as a backup for Monzo since there are less limits. Maybe someday- that baby pink colour is absolutely gorgeous/ unique! If Monzo do more card colour options + people have mentioned having different colours for investors etc., I wouldn’t mind paying a one-off fee for a choice of more colours/ ability to customise.

Maybe I’ve just been hit by so many "free trial"s that I’ve gotten charged for when I forgot to cancel that I’ve gotten iffy about it, but I’m really suspicious of subscriptions. If offered to me, I’d pay £60 for an upgrade but if I was told “you can pay £5/ month for this extra service!” I would think ‘wow what a scam’. Like I mentioned in this thread, I would much prefer a one-off fee than having the charges spread across each month/ to everyone.

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I’m hoping for country breakdowns to improve within monzo… though I do feel it’s a bit of a self indulgence rather than a massively useful thing :wink:

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Revolut have just tweeted that they’ve reached 700k users :+1:

https://twitter.com/RevolutApp/status/884813497963565058

the link in the video is to this GIF


Edit 1

but to put that figure in context, it looks like they hit 600k users somewhere close to the end of March, based on these sources

1 (news story from Bloomberg - March 14, 2017)

Revolut Ltd. has almost 600,000 customers

2 (tweet from The Marketing Eye - 30 Mar 2017)

@RevolutApp has acquired 600,000 customers

3 (news story from Altfi - 19th April 2017)

Revolut now boasts over 600,000 users globally

So it’s taken them about 4 (edit - see JPiz’s note below) 3 1/2 months to gain another 100k users.

Whereas Monzo is on track to reach 300k users within the next week or so which means it’ll have grown by 100k users in just over 2 months…


Edit 2

Could someone please check my maths here?

If it took Revolut ~4 months to gain 100k users & assuming that a calendar month has 30 days, then they would need 4 x 30 x 3 = 360 days to gain another 300k users.

Instead there’s 120 days until the end of the year. So wouldn’t their user growth would need to speed up by 360 / 120 = 3x in order to reach 1 millions users by the end of the year? :frowning:

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Not quite three times. This is assuming linear growth so far anyway, which probably isn’t the case so it’s likely a load of rubbish.

Four calendar months to gain 100,000 is 25,000 pcm.

If they continue adding 25,000 users pcm, with 5.5 months remaining, a further 137,500 people will join. This puts them at 837,500. Leaving a shortfall of 162,500. Which is a bit over twice the number of new users per month rather than three times.

Using the dates on those tweets, with the one on the 30 March saying 600,000, it’s taken less than four months for 100,000 too.

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It’s also interesting to see what time does to the trend. Does more users equate to a faster increase due to a higher amount of visibility, or does your pool of would be users start to diminish…hopefully with :monzo: national customer acquisition efforts the positive.