It does feel like they completely missed the boat on this first round of awards.
If I recall, Monzo had no interest in building a business account as it would be a distraction from their core gameplan, however they only recently did a 360 when they realised they could get some serious free money if they pursued it. But it seems their U-turn was a little late for them to be included in the first (and main) handout.
Poorly advised perhaps? Too cash rich to care enough about a small handout with strings attached? Certainly compared to Starling who seem to be well in the know and timed everything perfectly to be included in every category.
I wonder if Monzo’s perceived ignorance on this huge potential windfall can be put down to assuming that it would have been far less than £100m? At the time they would have needed to make the decision it was speculated that Santander, Metro, TSB and Co-op were all in the hat - over £50bn of “challenger bank” all with established business bank accounts vying for £700m of cash - surely a tiny startup like Monzo would only get a tiny proportion of that if they threw together an MVP?
Well it turns out that no, you wouldn’t get a tiny proportion, you’d get about £100,000,000!