Monzo international expansion - where and why?

Fairly I think, when I was there on holiday all the large banks had branches in both countries.

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IBAN discrimination is illegal as it is prohibited by Regulations which have been incorporated into domestic Law by enabling legislation. In some countries you can report non-compliant entities to a helpdesk run by the banking regulators.


If the marginal cost of going to NZ is not prohibitive, then doing it at the same time as Australia makes sense, I imagine…

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Yeah, that’s true. But it doesn’t change the fact that, on the ground, life without a FR IBAN in France can be tricky (particularly for utilities etc). I’m all up for full IBAN portability - it’d make life much more straightforward!

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Other than Ireland and the US, the truth is that we haven’t even considered the scope of anywhere else.

The US is the main one we are looking at right now, but it’s a huge amount of work, so it won’t happen overnight…


I hear it’s pretty difficult to get a nationwide banking license aka a de novo federal licence too..


Sorry but US, CAN, AUS, NZ sounds like the same old cliche that inspired Britain’s business thinking for a century or more.:joy:

The growth, enthusiasm, excitement and optimism is in Asia and this is where Monzo should expand. The Anglophone world has stagnated and gets by on debt! :cry:

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Asia is on the radar too :muscle:

Although I can understand why Monzo’s keen to expand to the US too - no language barrier a huge market, made up of relatively well off citizens, a fairly good ecosystem of FinTech providers (for the marketplace) & their banking system is in serious need of disruption..


Where did you get that info from?

The screenshot you linked came up with an error.

@simonb has literally just said the opposite?

I mention where I got it from in the post that I linked to :man_facepalming: the link to the crowdfunding pitch deck has been taken down now.

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OK, it’s just that someone from Monzo has said one thing, and you quote yourself (with a broken link), which directly contradicts what Monzo staff have said :man_shrugging:

I was genuinely curious to see the link.

Edit - Link works when going to the thread (rather than clicking the link).

I didn’t say I didn’t believe you @alexs, I was genuinely curious as to what your link was.

If you want to believe that I just made that up, that’s fine by me :slight_smile: but my record in this community shows that I’m not in the habit of doing that..

And I don’t think it is contradictory, there’s just different timescales for expansion to different parts of the world. Presumably @simonb was talking about Monzo’s plans in the nearer term. The plans to expand into Asia may be less concrete.


i would also defend @alexs as I feel he has integrity and would not invent fake facts!

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I think it’s fairly obvious if they want to be a bank for 1bn+ people expansion to Asia, US, Australia, anywhere for that matter is inevitable at some point in the future, even if distant.


No one was claiming he invented anything :slightly_smiling_face: He was defending himself from an accusation no one made.

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The screenshot Alex is referring to is from our late 2016 investment deck - before we even had our UK banking license! It also mentions that we could do a US offering in 6 months :joy: Little did we know.

It basically said that with capital we could do X, Y and Z. But this was a very optimistic statement made by a very enthusiastic new startup who hadn’t even exited Beta let alone making serious international plans :wink:

Long-term we’d like to be everywhere of course! But for now, what I said above still stands.


Thanks for clarifying Simon! Always good to dream big!


I’m interested in what Monzo’s plans are here - going state by state would be a pain, but as you say the de novo licence appears to be prohibitively difficult - last thing I read (from memory, so might be wrong) was that there had only been low single digit authorisations…

(By interested, I mean reading the blog post about cracking the States after the they launch there - I think it’s too early to be sharing details now!)

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It’d be helpful if people stopped linking to posts from the distant past. The other day while discussing credit cards, someone linked to Tom Blomfield’s post from August 2016 where he basically said that credit cards won’t happen. Fine, but what do we know about how he feels about Monzo credit card in August 2018? :joy::joy:

Keynes once said: When the facts change, I change my mind. What do you do? :rofl:


While more recent sources would be great, I think an older source is better than no source, surely? :thinking: I thought it was a useful reminder of what we have already been publicly told. But as you say, things do change.