Monzo losing money, maybe customers too

[alexs (Alex Sherwood)]

@anon6439107

Monzo state that only 60% of accounts holders are using their cards on a weekly basis.

That figure’s out of date -

Number of Monzo Users

To be precise (& perhaps, annoyingly pedantic ) 74% of Monzo users are active. I checked with one of the team during the event & importantly, that’s weekly active users, which is even more impressive! To give some sort of benchmark, apparently 60% of Revolut’s users are monthly active users -

@anon6439107

When is the company predicted to start making a profit?

We do know that the launch of the current accounts will bring Monzo’s losses down from ~£50 per user, per year to £20 per user, per year.

Tom’s said that -

To create a viable, sustainable business, it’s important that we reach profitability over time. However, profitability is not a key priority for this year, and we would prefer to focus on growth over driving revenue

I’m happy to leave that to their big investors to worry about

@anon6439107

In June 2017 Monzo warned that they may need to freeze 20,000 accounts in order to comply with European money laundering regulations.

Can someone from Monzo tell us how many of those accounts were frozen?

Since 20k accounts is 5% of Monzo’s 400k users now & I assume that most of those users will have had the ID needed for the verification process, I don’t think we should be overly concerned about any accounts that had to be frozen either..