So now we can call Monzo a bank finally! Congrats! My question is, does the banking license allow Monzo to issue credit products such as mortgages and auto loans?
But the license does enable Monzo to start offering their first product overdrafts & we’ll have to wait & see whether they offer loans too…
Regarding the marketplace, how will the products be managed?
e.g. Monzo decide to offer a range of 3rd party loans through the Marketplace, I sign up for a loan with HSBC (as an example), do I manage my loan with my Monzo app or will I get a separate HSBC account that I need to use to manage the loan?
It sounds like you’ll be able to manage the first few integrations (i.e. TransferWise’s) through the app. But once the open API is ready & any developer can build an integration, I expect their data will feed into Monzo but in some cases, you’ll still use an app that they’ve built to manage some of their functionality.
Otherwise it would take too long for Monzo to adapt the app to enable you to do everything you need to, for each provider.
Ultimately, Monzo wants to be the hub for all of your financial services though, to save you having to use multiple apps (most of the time) to manage your money. I hope that makes sense!
That makes sense, thanks.
All good things in time I suppose
Is there any update on when restrictions will be removed from Monzo’s banking licence. My understanding is that the bank can only be in the mobilisation phase for a maximum of twelve months? Which I imagine means that there can be more than a few months maxi,um before it gets removed? @Naji any ideas?
@jamesbrierley This happened last week! https://monzo.com/blog/2017/04/05/banking-licence/
I can’t believe I missed this @Naji. Forum to be fair is very hard to navigate now with all the threads though. Great news all round, by ore registrants does that mean people who tried to participate in the crowdfunding but weren’t selected?
What about alpha users?
@jamesbrierley We haven’t made any final decisions on the exact order of who will have access to current accounts yet, but once we have I’ll be sure to share
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