Monzo in the media

Yeah I didn’t read that carefully. I did now and it’s even better than I thought :slight_smile:

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Disappointing, eh?

As a 60-year-old who voted remain, went on a march, and has a Monzo account, I guess I’m a millennial member of the metropolitan liberal elite! Lucky me. :joy:

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On LBC today they referred to this subset of the populace as having Millennial liberal mindsets and sympathies.

I hate that everyone has to fit into a box.

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The issue with modern day, I can’t even have a derogatory title to myself :joy::joy::rofl:

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Business accounts launching soon…

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Keep an eye out for more info on this tomorrow! :slight_smile:

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Unlike Monzo’s 1.5m current account customers, who use it free, businesses will have to pay a fee

Interesting

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That’s a lot sooner than I expected

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gotta get on that business banking switch train!

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Minimum viable product for the win :ok_hand:t3:

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MVP with a fee? That’ll be a tricky balance to get right. Can’t be too minimum or what are people paying for?

:man_shrugging:t3: That’s monzo’s way with the majority of things. Considering it’s launching so soon I presume it must be a similar case here.

Sure it would be tricky to balance but it may be free for the first X months while it’s in beta or in trial mode etc.
For sole traders a large chunk of the functionality is already there but I guess more features will be added over time.

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Can’t see any other option than this tbh.

Looking forward to finding out more tomorrow :grin:

thinking hard for a small business idea just to be able to open an account :face_with_monocle::smile:

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Escalating fee? Start it low because MVP, but clearly sign that as milestones are reached the fee will increase with each fature added or improved?

Alternatively, “Normal yearly price will be £[ x ] a month; first year’s subscription will be £[fraction of normal price] a month.”

So, there are ways it could be done. And if they do go for either of those ways, the most important thing would not be calculating the right discount, but managing expectations. Regardless of discount there might be users who are unhappy about some aspect of a MVP, and therefore the best thing to do would be to make sure they have the information to decide “Actually, I’ll wait before I sign up.”

On the other hand, once Monzo actually announce this, my theories above may turn out to be a load of irrelevant flannel :sweat_smile:

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Interesting indeed.

I’m keen to see the details - Starling, for example, is free within a specific tier (and outside it for an introductory period, I think). So this brief statement in an article (which isn’t a quote) could mean all sorts of things…

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The comments on that Times piece are quite something

The chap who “was a CEO of a bank and ran some of HSBC” spewing text everywhere. Colour me doubtful

I’m surprised that the Times got the scoop first… almost feels like Monzo is treating them preferential since that whole kerfuffle last year…

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I recognise the quote from @tom from articles last year, so that is not new or provided anew for this article

So either they’ve had a tip-off or are speculating

I’m open to paying a fee for business banking, I have to pay one for my Barclays business bank account so it’s not that weird of a thing. I’d like to know what features it will bring though