Here’s a new interview with Tom (Monzo’s CEO) -
& here’s the link.
The questions are broader than some of the recent interviews so Tom’s answers are more in depth
He talks about:
Why he wanted to start Monzo (01:19)
Tom’s background - starting business payment provider GoCardless (01:45)
Why so many start ups are working on current accounts (02:43)
What’s different about Monzo, compared to the challenger banks (05:12)
How has Monzo been so successful, in terms of growth so far (07:58)
- The spread for FX conversion should only be about 1 basis point
- Revolut & N26 have more customers at the moment
- Monzo is 10% done
Monzo sharing their product roadmap (10:12)
- The challengers are all aiming to do pretty much the same thing - create a single interface between a customer & all their finances. They’re just approaching it from different angles
How has Monzo got people to try their product (11:34)
What limitations should someone who wants to use Monzo be aware of (14:50)
- If you’re looking for a bank account wait 3 / 4 / 5 months
Cross selling & Monzo’s marketplace (16:24)
- There are products from other providers that Monzo would like to be able to offer customers in the next 6 - 12 months
“The thousand pound question” if you were given £1,000 now, what would Tom do with it (18:24)
It’s followed by an interview with a Monzo user called Millie who explains why she uses Monzo, her favorite features & which things she’s not a fan of from 19:55 onwards.
Judging by the way that Tom answered the integrations question at 16:24, it sounds like Monzo might build the integrations into the app, within the next year, rather than waiting until the open API is ready.