Competitor update

Anyone want to trade some Tandem shares for Monzo? :joy:

1 Like

Do you mean if I give you Tandem shares you will give me Monzo ones? or if I give you Monzo shares you will give me Tandem ones? Who would want Tandem shares?

The latter. I’ll trade Tandem for Monzo :smiley:

1 Like

They are currently as popular as Reichmarks were many years ago. Nobody wants them and you could only offload them offering a discount over original purchase price.


“Electricty bill” ? Seriously? Never mind the terrible design but didn’t anyone at Tandem proofread that mock-up before posting the picture?


Oh goodness me. #facepalm

Although they wouldn’t be the first challenger fintech bank to have a major typo in some marketing assets. Would they Moanzo? :joy:


Financial Times saying Tandem have lost their banking license as result of funding being pulled.

1 Like

Tandem said this afternoon:

Our intention to voluntarily surrender the part of our regulatory permission to take deposits means that we won’t launch savings accounts as planned this summer. Those investors and Co-Founders that have already opened a savings account with us will receive their money back before the end of the week.

This won’t delay our launch to the market, with the app still launching to the public in the coming months, followed by credit cards later this year.

We will reapply for our deposit-taking permissions at some stage in the future. In the short-term, however, we are focused on launching our other products as soon as possible.

What has the response been from the regulators?
The PRA and FCA have been supportive throughout this process. We remain regulated by the FCA, as it was before this decision.


The PRA FCA register still shows them as a bank with status “Authorised”

Ouch. Can they really continue now?

I guess that depends on their financial situation right now but assuming that’s ok, I don’t see any reason why they could switch to a fee based model, like Revolut’s to earn revenue & cover their costs for now…

1 Like
1 Like

That’s certainly thrown a spanner in the works!!

Its survival of the fittest, and they’re not that at the moment. The ‘nearly’ being a bank model seems something that most are going for.

Monzo and Starling certainly appear to be top of the tree at the minute, but I’m sure others will be challenging soon enough. I guess it just depends on what suits you and what you want from it all.

None have actually produced a full current account, and the race is on. Whilst not necessarily ensuring survival, it’ll be loads of free press for the first to launch.

It’s easy to forget we are dealing with startups where spelling mistakes and spanners are to be expected.

Sadly, however awesomely funny the spelling mistakes are, the spanners hurt.

Would be awesome to have the challenger bank tribe succeed together, pushing each others innovation.

But there will of course be casualties.


The more challenger banks there are, the more competition there will be, so I hope they all succeed.


Agreed, would be good to see the likes of n26 in the UK, as well as driving innovation…


It would! Tom reckons they’re about a year ahead of Monzo right now :runner:

1 Like


I’ve been using Starling a few days now having got my card at the end of last week - just wanted to share my thoughts so far. Obviously both are still beta so improvements are ongoing.

Being a bank has its upsides - faster payments, direct debits, standing orders etc. I need these in day to day life and the process for setting up new payees is super easy compared to any existing bank.
I also really like receiving the notification when cash comes in, whether it be a paycheque or money from a friend who doesn’t use monzo.

Monzo’s transaction detail is vastly superior currently, with Starling’s transaction data feeling NatWest like.
The pie chart in S doesn’t seem to show any useful insight at this time - Monzo targets again are ahead of the game.

Great to have a live competitor and I’m looking forward to Monzo offering a full banking service at some point in the summer. If I’ve come across negative about Starling I should add that I think they are the best bank in the market now in terms of providing data and ease of use. I will keep my other accounts open for higher credit interest (Starling gives 0.5%) and cashback on bills for now…


All sounds quite positive bearing in mind they are still in beta.

My name is down for Starling. Maybe I’ll be luckier with getting a Starling account invite, than I have been with the Monzo investment invite!!

I like the Starling colors, but would just like to know a bit more about the account itself. Fee free overseas spending looks welcome tho.

1 Like

Thanks @ben for the insight, although not liking the sound of Natwest style transaction data :frowning:

@Citibadger im starting to feel the same as you… :frowning:

Although did get an email from Atom saying how many customers signed up last week… they where my hope for a current account but cant see that being close…