Monzo in the media

11 posts were split to a new topic: We can now automatically update your card details with online shops

A post was merged into an existing topic: We can now automatically update your card details with online shops

I would have thought they would do their homework before entering the market.

I present you, N26.

7 Likes
1 Like
9 Likes

Hopefully things over there will move quicker!

I’d like a state side account for reasons… preferably Monzo, but you currently need an SSN
No - American company that need a ‘US issued card/account’ do not accept TransferWise as valid

2 Likes

So, it’s 2% of accounts that are paid-for, Plus or Premium.

4 Likes

Not bad figures. IIRC, N26 once said they’d need 8% of their customers to pay for a product to become profitable solely from those offerings. I wonder if it’s a similar point for Monzo, but 2% means they’re well on their way there!

Nice to see them focusing their efforts on the US again though, and now is the best time with Simple shutting down. I hope they double down on becoming a worthy replacement to Simple, and translate that for U.K. customer to bring a better experience here too, similar to suggestions @Peter_G highlighted in another thread. Perhaps poach some Simple employees too?

2 Likes

America is the one, remember Tom saying they were be a very profitable business if they had the UK customer base and it’s spending habits in the US, purely on interchange.

6 Likes

Interesting stats in this article about revenue and plus

2 Likes

Over 100,000 customers now pay for either Monzo Plus or Premium accounts and the bank has signed up 70,000 business customers. Weekly revenues are now 30% above pre-COVID levels.

This all sounds very positive indeed.

8 Likes

And that’s without interchange fees coming back.

Good point, I’d love to know where the 30% increase has come from. As I’d be surprised if plus has been able to make up for the impact of very little interchange fees

2 Likes

All good, there’s a reason the investors seem to be willing to put more money in

1 Like

Plus, Premium and business accounts, I think.

Remember that cards are still being used, perhaps not in the volume that they used to be. But that’s for the domestic interchange which is really small (therefore probably a marginal revenue contributor). It is the overseas revenue that Monzo is particularly missing, I imagine.

1 Like

Have monzo ever said what the revenue split is between domestic and overseas interchange (either pre or during Pandemic)?

I don’t recall an explicit statement, but when the pandemic first hit they strongly implied that interchange fees in the USA particularly were a very important revenue stream that had been cut to almost zero by lack of travel.

1 Like

Fair enough, well good news, just surprised they were able to make up nearly 0 foreign interchange fees.

As you say domestic is very small

1 Like

If the revenue is growing without interchange, then that’s all good, as when travel returns, they’ll be a solid jump, especially with the MasterCard increase within the European Friendship Club

2 Likes