Last time I checked Apple had over $150bn cash reserve so buying Monzo for $10bn would like pocket change for them
At least one behemoth made an offer years and years ago… I’m not gonna name names. But I will say there was both strategic alignment and an insane amount of money on the table.
If they weren’t gonna sell then, I don’t see why they would now.
IPO far, far more likely. Particularly if the next couple of product launches go well
Was it another financial institution? PE? Tech company?
Not my place to, but word got around the alumni network so I’m guessing an announcement isn’t far off.
That’s a bit different. Both Monzo and Starling bolted Joint Accounts onto their existing user-account based structures, which causes no end of issues when a user is at the top, rather than the bank account. A giveaway is having to have a Personal Account to get a JA. Why?
Until the current Joint Account is scrapped and re-worked, it’ll sadly never fit in properly. Maybe someone could fund that rework though?
Yes
I quite liked the skunk
It’s Stripe isn’t it, Tom openly said no
It was reported to be RBS/NatWest. The deal fell through so they developed Bo instead.
“Royal Bank of Scotland reportedly approached Monzo with a potential takeover back in 2017 but was put off by the price tag (Monzo was recently valued at about £2bn). So the lender has decided to build its own version.”
I’ve just discovered that AltFi has closed. Huge shame, it was a quality news site.
The IPO is next year at a $10 billion valuation
But how many of those use Monzo as a main bank account, instead of just as a spending card?
I am the best customer Monzo could ever have Maxed out O/D Maxed out FLEX and paying off a £25,000 loan Just waiting on my Helium One Global shares to hit the moon and clear off all my debts
That would be an interesting stat - I think maybe a few years ago they gave a percentage of how many used it as a main account according to a Monzo definition (which I can’t remember).
It would also be interesting to know how many accounts generate profit (although that is a stat highly unlikely to be shared of course).
None of that takes away from the milestone of 9 million accounts though.
Stats on the payment platform I work on, has Monzo at 7th in terms of transaction volumes, and constantly growing
Would work both ways i guess.
I am “full monzo” and have 3 current accounts. Monzo, starling and my oldest legacy account which i keep for credit score. Im sure there is plenty of others in the same boat as me.
Im sure the legacy banks dont care about those being dormant, so why the obsession with people who only use their monzo on occasion? Reality is for those people they probably use it on holidays most which actually is a good money spinner for monzo.
Other banks don’t shout about how many customers they have as a whole, monzo does, but it’s only a good metric if it’s active users not the once a year users, otherwise it’s not really noteworthy.
The reason Monzo “shouts” about the numbers is because in banking terms they are still a new company and they have just onboarded another million customers in less than 2 months,so I would guess they are excited and proud of the growth. Does it bother you?
Plushies for everyone!
Just to add, the services we provide payments to are government/public sector, and don’t really fall into the discretionary spend space, more something you pay from a main account. Or that’s my guess at least