Google to offer current ('checking') accounts in the USA

Interesting news today:

It will be interesting to see to what extent they aim for the same market as Monzo is going for - and what the impact is of such a high-profile new challenger.


The only way I see Google working is a credit card system.

I can’t see them managing to run a current account service, as we’ve seen with monzo people are very attached and emotional when it comes to their money , and Google even for their flagship expensive phones and devices support isn’t that good in the sense of service its just “ok we’ll replace it”

Imagine try to deal with Google if your account gets compromised.

I just don’t see them bothering with building complex FPS BACS SEPA systems, but if they have a credit card with a slick app, good fees and maybe rewards then I can see myself using it.

Basically emulating the apple card.

Google have massive reach with virtually everyone having a Google account , so maybe they hope to reach people in the US who otherwise wouldn’t use a fintech.

1 Like

I understand the point you’re making, but that’s not what’s being reported in the media. A checking account is the US equivalent of a current account.

Tom covered this kind of ‘threat’ in his Future of Monzo event Q&A. Basically, he’s not worried. It’s worth a listen/watch here:

1 Like

I’m probably the biggest Google fanboy out there (along with @nexusmaniac) but I cannot see this working if Google are building this in house.

If they acquired a small fintech it might be a different story.


That article has so many typos. Someone’s autocorrect was on overdrive.

1 Like

I spotted that too :roll_eyes:, @j06. The original Wall Street Journal article on which it’s based, however, didn’t - but was behind a paywall, which is why I shared this one.

I’ll note that this isn’t the first time Google has tried something like this- I used to have a Google Wallet prepaid card a few years back, and I barely used it because it really wasn’t a polished experience at all. It was cool to have as a conversation piece, but it wasn’t going to replace a full bank account. Which is probably why Google gave up on it. I hope they’ve learned from that first attempt, otherwise they’re going to have a tough time.

As an investor (forgive the lack of icon) it’s safe to say that last sentence piqued my interest.

I’ve wondered quietly for a while if a plausible exit might actually be Monzo’s acquisition by a tech giant rather than an existing bank or IPO. I should add that this is PURE SPECULATION however.

1 Like

My personal feeling is that doing that would be tantamount to admitting we failed to achieve our aims as a standalone company, so I don’t think we should entertain that idea, and we certainly haven’t entertained it in the past.

That being said, we must acquiesce that we don’t know where the market is going as a definite, and if we ended up somewhere where it was the only logical move then of course we would have to consider it at that point.

It’s unlikely, IMO. I suspect we will see some big tech/fintech acquisitions in the next few years, but I think it’d probably be companies much smaller than us.


That’s a fair response and you’re probably right. Naturally, nobody can be certain about how the market(s) might shift.

One small clarification, I didn’t think you were referring to Monzo as a “small fintech”.

1 Like

I have no idea how The Telegraph managed to make this about us.


At this stage, to be honest, if someone fell over anywhere in Central London, the Telegraph would probably write “Person trips and falls near Monzo office” :roll_eyes:


Possibly, on the software side of things Google would be pretty powerful and then there’s the financial clout they have

Google are doing this with Citibank as it’s banking partner. Hence, they have no need to build/design lots of banking infrastructure to enter the market.

Apple did the same but with JP Morgan for its Apple Credit Card

Goldman Sachs do the Apple Card


The Telegraph have published an article this morning about why Monzo and Revolut have nothing to fear in the UK

1 Like

The Telegraph really do have a shine for Monzo lately!


Actual mentions of Monzo. Minimal