I have been watching the amount of customers that Monzo has been gaining over the past 6 weeks. It is clear to me that the statement on the company website that 55,000 customers are joining Monzo each week is false and I just wanted to raise this concern, so that we can get a more accurate number of the growth Monzo is having in terms of Customers
To avoid having to adjust that number up and down maybe they should just say “Over a million people have opened a Monzo account in the last year”
What do you believe the figure to be every week, and how did you come to your figure?
Well over the last 3 weeks I have noticed that it has only increased by around 3-4K per day so at the top end only 28K are joining per week currently.
It’s actually going up by over 5k every day and around 38k a week. That’s around 30% lower than the peak mentioned on the website.
Not so bad considering 55k a week was fuelled by a multi-million ad campaign and paid referrals and now there is zero fuel to the fire that I can see other than word of mouth.
@ylt’s graphs showing this information use the raw data provided by Monzo.
Maybe just tag themselves as being in hyper growth mode instead!
Not sure why you are particularly concerned - they’ve adjusted the figures there multiple times before and almost certainly will again, but It tends to lag behind a bit
The managing down of growth is even something that @tristan referred to during the post on removing the referral payments, so it’s not like they’re running away from such changes in rate
Might I suggest a hobby?
Company website is slightly out of date! Alert the media!
It is not a major problem really. However, when one of your keystones is transparency, you will get called out on these things.
What if one week they have more than 55k sign ups
Surely that number could be dynamically updated? Just set it to show, rounded to the nearest thousand, how many people signed up in the previous week. Or an average of the last four weeks?
Sounds like a Go service waiting to happen
You joke but it wouldn’t surprise me if we saw an article
It’ll just be an average divided over a certain number of months. It’s not lying, just advertising.
It’s the only realistic way to manage the website. Updating it every week would be wasted effort. The point is, they’re growing very fast, whether that’s 38k signups per week or 55k.
We’ll just wait for Monzo to appear in some media outlet for claims of false advertising because someone felt the need to scream and shout about a another none-event
The solution to which is to not advertise falsely.
Is this why Starling numbers are hard to find? I just assumed it was because they were embarrassingly low.