By the time any decisions on passporting are finalised Monzo will not be a prepaid MasterCard, it will be a full debit card linked to a current account
Monzo is a Bank weather you personally want to call it that or not. At for customers funding it the definition of a bank is not dependent on it’s source of funds but on the services (e.g. deposit holding etc) that it provides. Monzo intend to raise revenue from customers from overdraft provision, and on target to go into profit that way, whereas Metro Bank with it’s more traditional approach is still not breaking even after many years.
Calling Monzo a ‘joke’ (your words) is crazy when they are developing an app light years ahead of most banks, and mailing customers cards in days not weeks. Some full banks like Fidor in the UK can’t even provide BACS credits, BACS direct debits or IBAN. Personally I think that is more of a joke!