How many accounts


(Nikhil velani) #1

How many accounts are currently open, does anyone know the exact number? :ok_hand:


(Kieran) #2

689,042

https://mondobank.looker.com/looks/nmDRFzqr4mVDcN7GKq2qhN9dbv7zdSzx.json


#3

It’s on the Monzo homepage :+1:


(Danny) #4

image


(Jack) #5

For clarification it’s towards the bottom of the page…
There is also this link which provides a bit more detail: https://publicstats.itxdev.uk/dashboard/db/monzo-current-acc?orgId=1&refresh=5m


(Danny) #6

It’s interesting to visualise it like that. Not showing any signs of exponential growth yet (if anything it’s tailing off slightly). I wonder if the Big List will have any effect on this from July/August onwards.


(Danny) #7

Actually looking at it it’s been at a pretty steady 16k a week for the past month or so. I guess Monzo are limiting it to that either artificially or through force. Anyone tracking the size of the waiting list?


(Jack) #8

Last time I checked it was about 100,000 but I think there must be a bug in the app for it to be that high surely otherwise that’s impressive!


#9

:zipper_mouth_face:


(Nikhil velani) #10

Lol spill the beans :smile:


(benjaminlbowles) #11

Remember Monzo still lose money for every customer to use the service… so until the unit economics per customer have been sorted I can imagine they’ll be limiting growth in line with their VC/crowdfunding investment runway available to them.


(Nikhil velani) #12

Do you know how much they currently loose for each customer?


(benjaminlbowles) #13

Annualised contribution per active user

  • Migrated non-salaried customer -£22
  • New non-salaried customer -£17
  • Salaried customer -£6.50

Around 8:33 onwards is where @tom explains all…

In simplest terms Monzo loses money on your account (from £6.50 per annum) unless they earn a referral from a third-party or you use your overdraft for 13 days a year.

In relative terms this is very cost effective, if you compare it to high street banks who pay customers anywhere up to £150 to switch their account, as well as having a significantly higher cost of serving customers with high street branches, legacy IT systems and reliance upon call centres to serve customer requests.


(benjaminlbowles) #14

Also if you calculate total active user cost per annum for all customers currently using Monzo:

660,000 x £6.50 = £4,290,000
660,000 x £17.00 = £11,220,000
660,000 x £22.00 = £14,520,000

So the annual cost base is currently somewhere between £4,290,000-£14,520,000. This doesn’t take into account any of the fixed costs of running Monzo - including lots of things like rent, but mainly payroll.

Basically the importance of turning that -£6.50 into a positive figure is crucially very important to Monzo’s future success. @tom has said in many interviews, podcasts and presentations that getting those negative unit economics into positive contribution is a key priority for 2018 and beyond.


(tom) #15

Yes - this is a message I’m repeating internally approximately once a day at the moment :slight_smile: We are very close to contribution-margin positive on a couple of big customer segments now.


(benjaminlbowles) #16

Excellent - great work!


(Danny) #17

https://monzo.com/blog/2018/05/24/no-more-monzo-waiting-list/ mwahaha


#18

Whoa! So does the cost per/customer get smaller with more customers?


(Peter Roberts) #19

It was a pleasure to give Monzo my bulb referral. So hopefully my unit is positive for a while :yum: