Monzo in the media

Not my place to, but word got around the alumni network so I’m guessing an announcement isn’t far off.

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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? :thinking:

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Yes

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I quite liked the skunk :person_shrugging:

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It’s Stripe isn’t it, Tom openly said no

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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.”

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Which went well, as we know :smiley:

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I’ve just discovered that AltFi has closed. Huge shame, it was a quality news site.

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Monzo hit 9 million users! :partying_face:

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The IPO is next year at a $10 billion valuation

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But how many of those use Monzo as a main bank account, instead of just as a spending card?

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I am the best customer Monzo could ever have Maxed out O/D Maxed out FLEX and paying off a £25,000 loan :money_with_wings: Just waiting on my Helium One Global shares to hit the moon and clear off all my debts :pray::pray:

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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.

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Stats on the payment platform I work on, has Monzo at 7th in terms of transaction volumes, and constantly growing

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Probably a lower proportion than at other banks who don’t use their accounts as a main bank account :thinking:

Out of interest, what’s your methodology for arriving at that opinion?

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.

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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.

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But other banks must report them - probably just in their annual reports? I doubt they account for users differently than Monzo do? Also, bet we don’t hear about it as much because they’re public companies, vs Monzo? :thinking: