I appreciate everyone’s comments so far and it is very interesting to highlight the various opinions as to what the new year might look like for Monzo.
Would love to hear more from other Monzo community members on their outlook for Monzo’s 2019
I appreciate everyone’s comments so far and it is very interesting to highlight the various opinions as to what the new year might look like for Monzo.
Would love to hear more from other Monzo community members on their outlook for Monzo’s 2019
I think their philosophy to design makes sense. What I mean by this is they listen to the community. This means that rather than the collective insight of a small team. You get the collective insight of several hundred people from varied backgrounds,industries and levels of finance. A bank such as this will only continue to grow if certain things are met
I will try and comment on this later as i am out at the moment… but having a quick skim it is evident that you have made some very interesting points!
Will check back later.
Thanks @Ordog
I’ve gone ahead and closed the other thread with a redirect to this one, lets all try to stay on topic
I’ll see if I can tidy up some of the posts above later.
For reference the thread that was locked does contain some interesting posts worth reading: Monzo, Where to next?
This was mentioned in the blog about recovering the help chat response time. They have already started rework in this area based on experience
Believe the delay results from not being a clearing bank. The legacy banks already were on account of other activities, so could do that quicker
ONE QUESTION,
DO you seriously think monzo will be free forever.
How long Monzo, Revolut etc can survive WITHOUT FEES.
Next Crowdfunding coming soon.
I would really like to be heard from Monzo what is their plan.
I am sure Barclays are charging them for accounts they are giving to users. Even its 30p per account per month. Its still something.
Question is HOW LONG.
FROM MONZO’s OWN REPORT
The loss for the year before tax was £33.1m (2017 £7.9m) primarily as a result of an increase in our operating costs.
Our costs increased by £26.9m to £34.9m in the current year (2017 £8m) as a result of investment in the banking operations with the Company becoming a fully operational bank during the year.
The plan is all there. The report was covering the prepaid card era, new accounts make them money. Loans, overdrafts, savings integrations etc are making them money
This might be interesting for you
monzo use barclays as clearing bank.
Got a source on that one?
I’m fairly sure Monzo do this themselves…
They don’t
nope they don’t
Source?
Got to have proof for these sort of things
Back in the prepaid days they use to use wirecard (maybe someone else) but now are funds are held directly with the bank of England
Monzo don’t do this themselves
I’m sure that’ll change this year, Monzo want to offer cheque imaging ‘soon’ so hopefully there will be exciting news on this front
You got a link for that info? I know someone else clears their cheques, there’s stripe, and there’s a third party between them and FPS but all the rest is them
Otherwise independent
The prepaid accounts were Barclays if that’s what you mean
Its funny,
barclays is clearing bank. so monzo can have their sort code.
i am sure somebody from monzo can tell you what i am saying is true friend.