Right let’s summarise my views on what’s been said there seems to be an issue with what Plus is.
Monzo is struggling to make money and find a revenue source that works it doesn’t know what to do so it turns to its ‘community’ yet gets overwhelmed.
Do one thing and do it well. I agree that Monzo has great potential but your bleeding money and when it runs out you will have let down a great community like no other bank’s forum least in my experience. Millions of users depend on you getting your act together. So many FinTechs don’t make it, I am so concerned about the chaos and economic viability in the next few years which are crucial. Challenger banks lack the perceived security of high street banks.
With all this chaos with Plus I seriously am concerned.
Monzo is supposed to be the young, budget friendly and fun bank that shakes things up yet seems the bank most behind on it monetizing features.
Starling seems the more grown up, professional bank. Whilst Revolut seems to be the trendy and more feature rich, N26 limited but secure and established yet lacks the excitement over here compared to the others. There are of course a good few others - my point is number of users, sign-ups, money held etc doesn’t matter if you’re not making money, and at the moment MonzoPlus is a desperate grab at obtaining a stable income along side lending and fees etc.
In summary sort it out, stick to a solid plan and learn not only from your mistakes but that of others. Prove just like the hot coral cards you stand out!