Making Monzo's quarterly goals public

As an experiment, today we’re publishing our Q3 goals publicly! Let us know what you think


What was your initial reply to Leah?

Love that you’re trying this. Hope it works.


Thanks @tristan, always good to get an insight into the thinking of a company.

Out of interest, what are you hoping it’ll achieve?

With the risks that people might take things out of context (as you’ve noted), are there any “rewards” that you can see coming from this?

Or is it all in the name of transparency?


Hi @tristan

Two questions following on from this point in the goals:

“In the next three months we’ll focus on growing our customer base, mainly by adding product features that make Monzo better when you use it with friends.”

  1. I don’t send money to that many individual people on a regular basis. Are you planning on reaching out to people that possibly won’t use these features if they did sign up to Monzo and how would you reach out to them?

  2. I’ve been trying to get my mum to sign up to Monzo but unfortunately she doesn’t have any official Government ID other than a bus pass. She’s now too ill of health to try and obtain one so is there anything that Monzo are doing to try and make the verification process any easier for this group of customers?



Thanks for sharing, it’s nice to know the goals which you’re trying to reach and how it potentially shapes certain decisions we’re made aware of during that time :slight_smile:

It provides a bit of background to various aspects.

Hopefully, it’s not taken out of context as mentioned, I can see how it could easily be done.

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I notice on your goals that none of them are SMART goals, is this because these are public facing and you have more detail about the business goals shared internally?

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we need to reach 7.6 billion people

I know you don’t literally mean this, but does Monzo think about what a comfortable size for the company would be?

Monzo won’t be the single universal bank in existence in the future, but there are international aspirations. How far are these fleshed out?

Great share with the goals!

As if you are nearly up to 1 in every 82 people in the UK having a monzo account (65.65 million/800k) and the focus is GROW!

When you reach a million, you should consider something for everyone in your first million, to give them a token for the future to show they were here at the start as I’m guessing your next target will be 5 or 10 million!

something like :


“Make Monzo the best account to use as your primary account”

What are the reasons given by your current customers (80%) whom haven’t made you a primary account?

For me, I need a separate Monzo account (acc number and sort code) to completely safeguard / separate my bill money. Then, there is zero chance of my making a mistake. I don’t need a physical card, i’d be happy with a digital one that I can use for reoccurring card payments.

What other reasons are being given for not making Monzo a primary account?


A lot of the reasons we gathered before, became things on our Big List (which we’re now halfway through!)

We’ll continue to gather research and potentially there’ll be a similar “List” based project after this one completes, although I suspect it’d be then more based on gathering lots of small improvements we can make per feature (since, hopefully most of the major things will have been covered by that point).

Generally I think it’s account benefits, insurance, preferential rates etc.

I don’t pay anything for my high street bank account but get instant access to 3% loans if I want one…

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I’ve tried to answer that in the post but in short: transparency (I believe is inherently a good thing) and helping to provide context to customers (so they understand where we’re aiming for) :slight_smile:

  1. I’m not sure I quite understand the question — but we won’t force you to use these features if you never send money to anyone!
  2. Yes, 100% — you might find this sectino of the website interesting:



@bea has written a post we’ll share tomorrow going into more details around our goal setting process. But in short, we try and push that type of goal down to individual teams rather than setting very directive goals at the top level :slight_smile:


I honestly believe we can grow into the billions of customers. People all across the world need support and help with their finances and I think that with great scale, we can make this even better. Imagine if we could get rid of FX charges totally because Monzo was in every country — so to send money from the USA to UK was totally free, because why shouldn’t it be?


Sorry maybe my questions were not clear.

  1. How else are you going to try and get those customers aboard who might not use all of the features that Monzo are trying to develop?

  2. Appreciate the link, however the blogs reaffirm that you have to have the following: “If you have a valid passport, driving licence or national ID card, you can open a bank account with Monzo today.”

So as suggested she doesn’t really have those sort of identifications.

I wonder if a CitizenCard would suffice? It’s a pseudo National ID card and can be obtained with only a birth certificate.

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Good suggestion.

I wonder if the team would find this acceptable?

Is that massive size something Monzo would really want though?

It seems more than likely that to become that large would involve fundamentally changing the reasons that Monzo is great right now. Things which are directly or indirectly thanks to the company being small, fast, and having a strong social mission.

As a company becomes larger it seems the only internal goal they can agree on is making more money for themselves. :confused:

I don’t think that, that has to be what happens. And this sort of thing can help ensure that it doesn’t -

Would Monzo consider becoming a 'B Corp'