How many accounts

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


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It’s on the Monzo homepage :+1:

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For clarification it’s towards the bottom of the page…
There is also this link which provides a bit more detail:

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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.


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?


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!



Lol spill the beans :smile:

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.

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

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.


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.

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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.


Excellent - great work!

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

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

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