Helping Monzo become profitable!

I’m sorry but that’s a pretty lame excuse. The relevant credit scoring data is readily available from the major credit reference agencies and TransUnion (your credit reference agency) openly publish information (attached) and advise their clients on implementing co-borrowing and relevant credit assessments.

What you’re saying is that despite previous promises that joint overdrafts would be available you are no longer interested in that segment of customers and can’t be bothered with the minimal effort it takes to agree a lending criteria assessment.

4 Likes

You mean to tell me there isn’t just a big red button they push once someone has had a thought that immediately releases a feature… well I guess I stand corrected. Thank you for correcting me.

image

1 Like

#dftt

well in the meantime I’ve applied for and been approved for a Tandem credit card which I believe is Monzo like in terms of real time updates to their app - will confirm when it arrives in the post. More interesting to me though is the seamless integration with my legacy Nationwide current account (opened to pay in the occasional cheque) and credit card - as well as my Monzo personal and current account and linked savings pot. Guess what their implementation of Truelayer also includes all the transaction details…

My recommendation is that Monzo acquires Tandem! Together a force to be reckoned with!

I’m just waiting on my Tandem card to arrive too! I look forward to trying it out.

I agree about their open banking integration, it’s really quite good. It doesn’t seem to pick up my Monzo current account transactions atm, it gets all of the pot transactions though. But it has managed to recognise all of my bills and subscriptions in Monzo and told me how much I have to spend in my Monzo account until the end of the month :smiley:

Their app in general is really slick and pleasant to use.

That would be awesome :grin::grin::grin:

Although I rarely use any of the analytical tools of any of my app based banks apart from the instant notifications for security (I’ll always know if someone is spending my money :rofl::rofl::rofl:)
The idea of bringing 2 of the major FinTech players together would create one heck of a combination.
Monzo with it’s loyal customer base and established current account, and Tandem with it’s credit card and savings products.

Should read up on Tandems shareholders, they are an unhappy bunch.

I’d be more in favour of a Monzo credit card then any talk of a merger.

3 Likes

I tried looking up any news on this.

Tandems app for me is plagued by bugs, I cannot get the auto savings to work. Shame really the card is great.

The wiki is a good place to start:

Then this came out of the blue at Crowdfund number 3

Absolutely right.

Hmm I not so sure - Monzo could probably raise enough through crowdfunding quickly and buy Tandem and strategically its a very good fit…

You reckon? Could need 100 or so million to do it?

Isn’t it nearly a year ago that Monzo raised £6,881,389 in the first 5 minutes and that rose to £17,961,551 after only 2 hours and 45 minutes when Monzo closed the round?

1 Like

Still can’t see it happening. I also read last night that Tandem has a £300 million mortgage loan book, so the price might have crept up somewhat.

I’m not saying that it will happen, my comment was based on the doubt I sensed that Monzo couldn’t crowdsource £100 million.

It’s not that I doubted that they could, it’s that I doubted they would want to raise that much for that reason.

1 Like

IMHO probably an acquisition like Tandem which is a good strategic fit might be better than pursuing US expansion on a current account that has yet to be profitable…

Is Tandem profitable?

Surely it would be a waste of money to buy double the infrastructure as credit and debit cards work off similar stacks and technology no?

In the short term maybe but longer term lots of opportunity to rationalise and take the best of both technologies and teams forward

If you had £100 million would you rather give it all to monzo to create a credit card their own way?

I know i would.

1 Like