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.
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
So, it’s 2% of accounts that are paid-for, Plus or Premium.
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?
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.
Interesting stats in this article about revenue and plus
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.
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
All good, there’s a reason the investors seem to be willing to put more money in
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.
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.
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
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