In a lot of cases, that’s correct. But it’s also crucial that the product is right, Myspace (& numerous other social networks before them) were ahead of Facebook & gained significant market share. But Facebook figured out identity & all the other features we know & love so they came out on top.
It’s also worth bearing in mind that it’s still very early days for both companies. Tom’s said that in order for Monzo to have significance in the marketplace, it needs to have 1m users so it’s got to grow to 10x the current size & it’s a very long way from the ultimate goal of 1bn customers. Obviously Monzo is also establishing the foundation of the technology now too so it’s not really worth worrying about gaps in the product offering.
I appreciate the fact that Loot might have all of the features you want right now but I’m not concerned that Monzo not having those features yet, means that they won’t come out on top.
Also, following on from James’ question
the fact that someone as busy as you must be (no sarcasm), you’re spending a lot of time in the Monzo community. So perhaps you’re rooting for Monzo a little bit more than you’re letting on? 