Just before Christmas last year, we started giving people money as a reward for inviting their friends to join Monzo. This was incredibly successful and over the last nine months, hundreds of thousands of people have used it.
I wanted to let you know that we’re planning to move back to the original golden tickets (with no cash reward) later this week and give you an early heads up. Growth is incredibly strong right now (partly because of the TV campaign in June, as well as increasing awareness of Monzo) and running the referral program quickly gets expensive — in July and August, more than 100,000 customers came through it!
We’re very conscious that we want to grow in a controlled manner (especially so we can focus on making customer support and our product as high quality as possible) and this is one of our best tools to moderate that growth. I’m sure we’ll test out some more variations over the coming weeks and months — one idea we have is to give a reward for inviting someone who uses Monzo as their main account (or gets their salary paid in), as well as testing out giving something other than money.
I’d love to hear your ideas here — Robinhood offer people a free share which is quite fun I think. Hope that makes sense and happy to answer any questions you have about it