The raw materials might not, further up the supply chain, but to Monzo, it is a cost - they don’t manufacture them in house.
I thought you summed it up well the last time @TTJJ made the point that Monzo profit from cards - monzo have an agreement with a manufacturer that costs X. They’ve stated they don’t profit from this.
- monzo have an agreement with a manufacturer that costs X. They’ve stated they don’t profit from this.