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..
If you want to believe that I just made that up, that’s fine by me 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.
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 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
Long-term we’d like to be everywhere of course! But for now, what I said above still stands.
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!)
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?
Keynes once said: When the facts change, I change my mind. What do you do?
While more recent sources would be great, I think an older source is better than no source, surely? I thought it was a useful reminder of what we have already been publicly told. But as you say, things do change.
Maybe you would be able to find this, but I swear there was a blog post/ section on the website before the revamp earlier this year about Monzo and a brief mention about their long-term expansion goals. Europe/ US were mentioned, as well as tackling Asia through Singapore, which was the reason why I remembered it so vividly. Obviously it’s outdated info right now but idk if anyone remembers it?
Does anyone know anything about Canadian banking regulation - or banking in Canada generally?
Canada seems (from what I know, at least) to be quite quiet in terms of fintech and seems to have incumbents and a banking system a bit like the UK. And enough population to make it worthwhile. It could also serve as a beachhead into francophone European counties being bilingual.
Could it make a good next target for Monzo? (After the US and Ireland , obvs).