50,000 in six months is a pretty good effort
I don’t want yet another post comparing to certain other banks, but does stand up well
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Some other banks would really love this rate of signups. Good work Monzo.
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You need to go read Starling’s figures from last month.
Now, less than nine months later, we’ve opened…almost 200,000 business accounts for small and medium-sized enterprises (SMEs)
Don’t ruin my joke man. C’mon!
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I don’t think Monzo has really pushed/spent that much on marketing for business though have they? I literally saw the Starling business advert on tv like five times a day for months before and during the lockdown. Business adverts on youtube as well. My understanding is that Monzo have been much more low key with it.
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It was less a straight comparison between the relative customer numbers, and more a comment that Starling should somehow desire Monzo’s growth, bearing in mind it has opened four times the number of accounts in just a little longer.
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Starling had a government funded advertising campaign to get to that number
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You have to remember that Starling offered what is essentially fee-free banking which is a significant advantage over the competition.
Monzo’s is somewhat feature limited compared to Starlings.
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Maybe because not every business needs those things?
Didn’t everyone except Starling end up handing back the money they were awarded?
And Monzo did apply for the second round as I recall.
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Only metro and nationwide did: Capability and Innovation Fund – BCR
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What’s your source for this info?
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I would say “government funded” is a bit of a stretch, terminology-wise, but I couldn’t escape Starling advertising for a while after the government-mandated RBS fund that happened to select Starling
I guess someone could twist it that way… Same way someone could suggest that any advertising Mono did immediately after they got welsh government funding was also government funded
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It’s okay to just disagree and for the forum to be a place of sunny joy on a Sunday
Anyhow, in lighter mood, this is not Monzo, but it is the media and I liked the similarity of logos
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The purpose of the grant was to increase competition in the SME banking sector, so I’d say using some of it for advertising was consistent with that aim.
“Government funded” is such a weird way to look at that.
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I completely agree, which is why I used the word twisted to describe the comments from @Sachaz Whether a grant from the government or in RBS’ case, mandatory funding to create competition both have specific purposes. In Starlings case they expanded their SME offering and in Monzo’s case they created local jobs and wealth.
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Not about Monzo specifically, but other banks, and it seems highly relevant considering it is banks being called out for their anti fraud processes not being good enough.
BBC News - FinCEN Files: HSBC moved Ponzi scheme millions despite warning
Fairly positive stuff:
Flattering our seemingly often fragile forum egos will always be a winner too:
Monzo also prides itself on user feedback and has a busy online forum where users can raise concerns or suggest new features. If you decide to use Monzo then make sure you read the forums as it will help you get the best from the product. Being able to influence the development of your bank makes a refreshing change.
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