I was worried that there would not be a relentlessly negative thread on here this weekend, but I can relax now
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I’d say it’s pretty even-handed so far…
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Should customers be worried about Monzo’s viability in the current climate?
Hi @PetrokGrime, I think that topic has had a really good airing in recent weeks (not sure where it is, though). I’m sure one of our number will find it…
The only viable suggestions in this thread IMO are Google and Stripe.
That being said, I think acquisition would only happen as a last resort and IPO is far more likely.
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Hasn’t the brand and vision more or less been destroyed/significantly watered down?
Monzo’s selling points against big banks used to be better tech (instant notifications, better app, etc), easy to access customer service, no predatory fees or bad value deals.
Big banks are now catching up on the first one, and Monzo intentionally made CS harder to access (and the quality of that CS itself is nowhere near what it was in prepaid and early current account beta) and when it comes to bad value deals… well… “Monzo Plus”.
I would’ve totally been with you years ago when it comes to selling to a big bank, but with the current state of Monzo I’m not sure a big bank will make it any worse. If anything, having the backing of a big bank behind it means they can offer the Monzo experience for free (with all the features) and profit from referring these customers to their other products (mortgages, etc) where they can actually make a decent profit.
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You always seem to chime in with this. I (genuinely) wish I lived in your world where everyone is happy and everything is good all the time.
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Non-compete clauses would easily take care of that 
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I asked it earlier but I haven’t seen an answer. What is Monzo’s vision, please? What is their intended path to profitability?
(I’m assuming the 55,000 Monzo Plus subscriptions aren’t the plan. And the marketplace / money hub idea has been buried?)
I am sorry to be very blunt, but I don’t think that the VC investors are going to take your opinion, or that of the wider body politic of staff, as an input to that decision. It will be based on money and returns on investment. I know that it’s always been anathema to Monzo’s culture to sell out to a big bank - but given that Tom was recently told to dig his own grave I think that you can see that things can and do change quickly.
Of course, I’d also hate for Monzo to be sold to an incumbent. I really hope that you manage to continue independently, and manage to find a way to make sizeable profits that will support the business in the long term and give the VCs their pound of flesh.
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I really hope some decisions or some movement happens soon, seeing these topics come up again and again is draining, however the very fact they do, shows that people on this forum continue to be concerned.
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Not sure that concern is the only reason it keeps coming up. It’s a smashing way to keep stirring the pot if you are so inclined
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2020 surely has taught us that nothing is out of consideration at all?
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I really don’t mean to offend anyone but a lot of Monzo’s precious ‘cult’ following on the forum from the early days have largely disappeared. There used to be a lot of activity a few years ago and a lot more regulars than there are now. I wonder if they’ve jumped ship.
A lot of the important and well known staff have disappeared too.
Monzo needs to make a profit and it needs to do it soon - I feel like a lot of changes have happened that aren’t really of great benefit to the customer but would be very beneficial to Monzo if they pull it off. Burying support to force more self service, a lacklustre Premium offering that doesn’t really cost much to offer, adding fees to services etc. I feel like an acquisition is very much a possibility because the valuation Monzo sets itself is obviously a bit inflated and I don’t think it’ll last forever.
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Monzo isn’t ready for an IPO as mentioned above. It’s losses are too heavy right now for that and if the losses are not controlled in the next few years (which is the aim), an acquisition may just be needed to keep Monzo going forwards.
People also have to realise that Monzo is now run by ‘industry veterans’ who might decide that is the right direction for the company. Tom only holds about 5% of Monzo stock so couldn’t block any potential sale if the veterans thought it was best for the company.
The venture capitalists are clearly in charge at Monzo and when they want to cash out, they will.
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There is still a lot of capital out there looking to be invested, listening to Chamath Palihapitiya recently saying there isn’t a better time to invest, and get companies out of J curves. The explosion of SPACs with cash to invest would suggest that’s a route.
Simon is right though, Google or Stripe as a buyer makes sense, Stripe more so as they are already invested in Monzo.
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I don’t think Monzo is anywhere near IPO right now. But just to clarify: IPO value isn’t based on current profit or loss, but rather future growth potential (not even necessarily future profit). Not that this is a good example, but the tech bubble IPOs were making massive losses before and after listing.
There’s still some. Due to the way the forum software works, having a rational conversation is often difficult when such passionate people are involved. Any emotional attachment, to a subject, presents difficulties in remaining objective.
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I keep seeing people whine about the support over and over on the forums. Are people blind, or deaf? We are staggering into a global recession under a global pandemic (the recession was extremely overdue, and it’s quite, quite separate from the pandemic itself), all at the same time as the American-lead global order that’s been in place since WWII is disintegrating at a ferocious speed. Humans are expensive. Monzo missed the boat on getting more financing before the pandemic. Monzo can’t afford to have so many staff if they want any chance of surviving. So people should open their eyes and ears, and realise that less support is simply necessary. There’s a lot worse coming down the pipe.
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Those famously profitable small companies called Uber and Tesla
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