FinTech Insider Interviews: Tom Blomfield 📺


(Alex Sherwood) #1

Tom Blomfield, CEO of Monzo joins Simon Taylor for a chat about Monzo’s swirling IPO rumours, the growing pains of becoming mainstream and tackling outages from the prepaid era.


Blog post with quotes

Highlights:

  • Tom would launch the prepaid card (rather than going straight to current accounts) again, benefits were they:
    • Were able to validate their ideas & learn lots more
    • Figured out viral mechanics & how to create network effects to drive growth
    • Could decide how much of their systems to build in-house vs how much to outsource
    • & spot the need for ATM fees
  • It’s pointless trying to guess what proportion of Monzo’s potential customer base will like their style i.e. tone of voice
  • Sharing technical details on issues only reassures maybe 5% of users but it’s good for the rest of Monzo’s users to see that their ‘techy’ mates are happy with what’s going on
  • Joint accounts (shared Pots or maybe a fully combined feed) are (were) on the roadmap & Monzo’s still in the process of deciding exactly how the feature should work
  • Open Banking may have trouble..until it doesn’t.
  • Despite the reports, it’s impossible to predict when the IPO will be
  • Getting acquired (e.g. by a legacy bank) is not the goal but they can’t completely rule it out
  • Monzo’s calling users who don’t want to switch from the prepaid accounts to the CA, to understand why / persuade them to switch
  • Monzo will launch more lending products (that align well with Pots) “very soon”
  • Big tech won’t be able to do what Monzo’s doing because
    • They don’t have the trust
    • Their specialisms don’t enable them to do what Monzo’s doing
    • It’s a big leap to get there from where the big tech companies are

Tom's Interview with Fintech Insider
(Gareth) #2

This could be spread the cost?


(Alex Sherwood) #3

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