24 times, no. It’s worth remembering that the other players listed above Monzo are available in many more markets too, which leaves them much more room for growth, which I imagine is what leads to those valuations being so high: future potential growth. Monzo right now has a much lower ceiling in that regard compared to the others.
Revolut being the most highly valued makes a lot of sense to me too. Their pace is incredibly quick and no one can keep up with them. Their platform as a result is incredibly varied compared to their competitors, which make them an option in other finance markets too, not just current account products.
In terms of order of valuation from highest to lowest, I think indicates survivability too.
Revolut is without doubt worth more than Monzo. They’re in more markets, they have more users, they’re growing faster, they have more features/products. Many of these factors I think make them far less likely to falter too, whereas Monzo still feel a bit risky to me from an investment standpoint. Revolut has fingers in many pies so to speak, pies they can monetise, use as an incentive to create that platform lock in feeling, so users will be more sticky.
If and when Revolut gets that banking licence, it’s going to be a very big deal, and very tempting for a holdout like me. They can replace every other banking app on my phone, and that’s a big selling point.