Competitor update

(Aidan Lawlor) #104

Hi Munkee. Leveris is a cloud-native banking platform built from scratch. We ( I work here) have built the whole stack. Back, Middle, Front. It also comes with a lending solution already built it. Something that a lot of platforms do not have. We have been around for nearly 3 years pretty much in incognito mode and have just come out recently. We are not a bank but we have done something that Monzo are doing. That is building a new banking platform that is far away from legacy s/w or h/w. Both are in AWS and both are open platforms.

We love what Monzo are doing. They way they are building their stack with GoLang and the transparency of how they are going about it.

We are not a competitor yet, but when Monzo sell their platform to other banks (a lá Kabbage platform), then we will be competitors.

But what they have done so far is amazing. We wish them all the best. And just for good measure…Atom and Monzo is a chalk and cheese comparison. By building and owning the whole stack, innovation will be extremely fast for Monzo. You can’t say the same for a bank who have various software programs from various providers running the bank.


Interesting stuff. After taking a look at your website I assume this is a bring your own banking license type of offer then? Do you have any information on your pricing structure? I know monese sits on a white label prepaid platform I guess you are taking this to a bigger level with more than just prepaid options.

(james_e_bell) #106

Got a notification about this company today - never saw them before but interesting concept

(Leon) #107

Hmmmm the fist 1000 to invest over £100.00 will have an exclusive Weswap Mastercard…What a prepaid or credit card? Most likely a prepaid card.

(james_e_bell) #108

Prepaid mastercard I think - seems that most of the startups operate on prepaid mastercards - I wonder why they are more widely adopted than prepaid visa (presumably less fees or maybe a more innovative issuance company e.g. Wirecard)

(Richard Raybould) #109

This is entirely unfounded and unofficial but word on the line is that MasterCard are more willing to work with smaller issuers as they messed up their last debit offering (Maestro) in the UK. Visa already have a large customer base with the existing banks and their pricing model reflects the needs of those larger issuers (setup and one time fees can be high as long as per transaction and per card fees are minimal).

For prepaid specifically, Visa appear to have more direct control over their prepaid cards. From the outside, it looks as if they are designed to be Visa operated and controlled while simply branded with a company or retail store name. I see them in the US acting more as retail gift cards on the Visa network than something with a properly accessible account like the MasterCard prepaid Monzo/Revolut/Monese/Virgin Money/etc cards.

( related to Monzo CEO, Investor in Monzo ) #110

(Richard Müller, Consultant) #111

Some banks like Handelsbanken have recently switched from Visa Debit to MasterCard Debit, and customer cards are gradually being replaced on renewal or if lost/stolen card replaced

(Richard Raybould) #112

There we go, I must be slipping as I couldn’t remember if that part had been said here by anybody from the Monzo team. :anguished:

( related to Monzo CEO, Investor in Monzo ) #113

happens as you get older :slight_smile:

(Aidan Lawlor) #114

Yes. Exactly right. You bring the licence, we’ll bring the platform. Our pricing is a pay-as-you-grow model. Effectively on a per transaction basis. But it really does depend on the client. But that is our preferred model.

Monese is just a pre-paid debit card with a nice app. The technology (very difficult to find out what it’s built on) may sit in the cloud but what will they do when they want to offer more services? And how will they make money? As you can see, they now charge a monthly fee for using their card. So that tells it’s own story.

What Leveris and Monzo are doing, is the only way you can drive innovation in a bank. By owning the whole stack, we can use agile product development to drop products and/or integrate 3rd party products through our open API’s.

All we are striving to do is create an open data platform that integrates innovation from various industries that deliver exceptional user experiences. Be that financial or otherwise.

(Dean Meehan) #116

I recently expanded my current account with Nationwide to an additional joint account with my girlfriend via only having to fill out a form online and going in store with ID. I filled out everything online, even though we live in different addresses there was no problem and I mainly use it to pay for shared activities such as travel, dinner, cinema etc.

The online experence is great IMO, where I can see my 1 personnal account and our joint account

(Ben Green) #117

Not a direct competitor of Monzo, as it’s not a bank and doesn’t appear to have any aspirations to become one, but Pariti have some pretty nice features around forecasting ones financial activity across multiple accounts, both debit, credit and savings and is able to predict when a person will be free of debt based upon spending and savings habits. I know cash flow forecasting is on the roadmap, under the better budgeting feature I think I’m right in saying.

As Monzo is building a bank to help us better manage our finances, maybe they should become friends, or at least learn from what they’re doing as it would be handy to see my expected income and expenses in one neat app :smile:

Monzo Partnerships
Monzo API Projects
(Ben Green) #118

Just spoke to Matthew, the CEO and founder of Pariti. He says they are working on it and can hopefully expect an integration soon :smile:

(Ben Green) #119

Uber launches its own debit card for Mexicans, which this article states is

a local equivalent of Monzo and Simple.

Could be a future contender if they decide launch in other countries too, which I would see as highly likely if this venture of theirs proves successful.

(james_e_bell) #120

Thats cool! It seems the bank Bankaool is the one compared to Monzo rather than Uber’s card themselves. As for Uber, it looks like this is based around bringing more unbanked into the digital spending world (for which a prepaid offering is a good idea) - I wouldnt necessarily see this as their move into banking (unless they decide to invest heavily in the experiene)

(Ben Green) #121

Yeah true :smile: Regardless of who they bank with, every honest person deserves an easy and trustworthy banking experience.

Who knows except for them really. They’ve already created a food delivery service after their initial taxi service.

(james_e_bell) #122

Not strictly a Monzo competitor (and US only) - but interesting to read the consumer reaction to this metal credit card:

(Thomas Welton) #123

I asked the same thing.

(Ben Green) #124

When their website works, Juno is something to look at as it’s a UK startup bank aimed mostly at millenials as is Monzo. The link I’ve provided goes to their page on BetaList.