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