Monzo (interview with Tom) - Millennial Money Matters podcast 📻

(Alex Sherwood) #1

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 :thumbsup:

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 :eyes:
  • 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.

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(Alex Sherwood) closed #2

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