So sloppy from the Telegraph
Monzo and Starling Bank are also headquartered in London, but have fewer customers than Revolut’s 4.8m users. Monzo lags behind on 1.2m customers, while Starling Bank has more than 500,000.
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I presume no mention of Revolut’s recent problems and cavalier attitude. Maybe some of the HSBC team moved there? 
Poor reporting as always from the Telegraph.
Which? on Monzo Plus
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31 posts were merged into an existing topic: Why we sometimes freeze or block accounts
https://www.ft.com/content/1b2d40c6-7613-11e9-be7d-6d846537acab
(see two posts below if you cant access)
Nationwide scoops £50m prize to fund new tech and services
Nationwide Building Society has won the second round of a hotly-contested prize to boost competition in the UK’s business banking market, receiving £50m to fund investments in new technology and services.
Investec and the Co-Operative Bank won smaller awards of £15m each.
The awards are part of a £775m programme funded by Royal Bank of Scotland as a condition of its bailout during the financial crisis. A total of £425m will be given in cash handouts to rival business banks and financial technology companies, while a further £350m is being used to encourage RBS customers to switch to alternative providers.
The first and largest round of awards in February was dogged by controversy after scandal-hit Metro Bank was given the biggest prize of £120m. Favourites including CYBG and TSB also missed out in favour of less-established digital startups Starling and Tide.
Nationwide was widely expected to secure Tuesday’s £50m prize, though the success of Co-Op Bank and Investec could surprise some observers who expected digital bank Monzo to win a share of the prize.
Nationwide, Co-Op Bank and Investec have pledged to match the prize with their own investments. Nationwide, which has tried to move into business banking several times in the past before abandoning plans, said it would begin offering business current accounts early next year. It added it will work to “bring the fairness and value of mutuality to the SME banking market”.
Andrew Bester, Co-Op Bank chief executive, said: “Our SME banking business is a key priority for us and we see considerable potential for growth. We are committed to more than doubling our current two per cent share of the market over the next five years and look forward to putting our plans into action.”
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Thanks!
Disappointing, but good to see plucky new upstarts Nationwide and Cooperative getting a leg up…
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I feel like a lack of £50m for Nationwide was not a reason for being unable ‘to move into business banking several times in the past before abandoning plans’.
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Yeah, quite. And still “next year” they say
Monzo getting hosed again. They’re just going to have to do it the hard way again
I mean I don’t think it’s the most stringent process look at the issues Metro have had and are having 
Interesting…
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Launching a Plus product is the new fundraising mechanism
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Gosh, I was already sleepy after getting up at 5 for GoT, but that literally almost made me nod right off at my desk. But I’m sure it’s all very impressive to techie types.
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Interesting how someone can write about Monzo as if it were just a tech company, not a licensed bank.
Tech first, finance second?
Or to put it another way:
53% of Britons with a digital-only bank account keep £1,000 or more in it.
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And 7 in 10 have more than £100 deposited. It’s all about how you present data.
Now where’s that £350 million for the NHS gone …
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It kinda looks like it should be, and I’m sure it grips many, but blimey, I’m humbled 
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https://www.ft.com/content/0ca689ee-7c81-11e9-81d2-f785092ab560
“More than twice as many official complaints were lodged against Revolut than against its fintech rival Monzo in the past three years, according to new figures obtained through a Freedom of Information request. Data obtained by the Financial Timesshows the Financial Ombudsman Service received 171 claims from UK customers against Revolut between January 1, 2015, and December 31, 2018. By comparison, Monzo drew 82 such complaints in the same period. The rival companies, both launched in 2015, are considered to be at the forefront of the UK’s flourishing fintech industry, each offering a range of services, including current and business accounts. Revolut, which has a banking licence in Lithuania, is neck and neck with Monzo for UK customers, at just over 2m each. While Revolut’s complaint rate pales in comparison to long-established banks such as Barclays or Lloyds Bank, with each receiving more than 100,000 complaints during the period, the data offers an early insight into the challenges facing a booming industry. “Although it’s no surprise Revolut isn’t receiving the same number of complaints as bigger banks, it will no doubt want to improve on the current trend,” said Gareth Evans, co-director of the Financial Inclusion Centre, a consumer rights group. “As these shiny new fintech firms become more prominent, it’s important to take note of any early warning signs.” Revolut has sought to play down claims it has grown too fast in recent months. This year alone, the company has faced scrutiny from the UK Financial Conduct Authority, the UK Advertising Standards Authority and the Lithuanian parliament. The Financial Ombudsman Service is an official UK body set up to settle disputes between consumers and businesses providing financial services, such as banks, building societies and insurance companies. Claims are typically escalated to the ombudsman when a company’s internal complaints procedure has failed to resolve an issue. Revolut has recently said it will introduce a phone line to help improve its customer service. A number of users have complained on social media about slow responses to their urgent requests for help, with some saying their accounts have been frozen without explanation, after being forced to seek help via Revolut’s text-based messaging service. The FOS data also showed that rival Starling Bank, which launched in 2017 and has around 600,000 customers, received 51 complaints during the period. Fellow challenger bank Tandem, which has a similar number of customers, has been the subject of 30 claims since it launched in early 2018. The company’s chief people officer, Dan Atkinson, said it recognised the “important role” the FOS plays in protecting customers. “By taking criticism on board, we strive to build a better kind of bank.” Revolut said it took every complaint seriously. “Having been operational for longer than our competitors, we would expect to experience some complaints,” a spokesperson said. “While our current rate of complaints is very low proportionate to our customer base, we are fully committed to continually improving our services and will always do all we can to ensure our customers have no reason to complain.” Monzo and Starling declined to comment.”
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