Interesting exclusive from Mark Kleinman at Sky News
Oh good. More “why didn’t Monzo let me buy more wwwaaaaahhhhhh”
Interesting and good for Monzo to secure additional funding.
I know you jest @Revels, but I do think it would be nice if Monzo did crowdfunding again (I think they would be able to raise a signicant sum that way, and it’s nice to give newer users the opportunity to invest too - they may not have heard of Monzo at the time of the last crowdfunding).
I agree and I would invest too. But I think the time/cost of it means they won’t do it again sadly.
Yes, I agree with all of that.
Let’s hope we are wrong!
And more sustainability posts about how Monzo is doomed for “borrowing” again unless they do what people who have never ran a bank tell them they should be doing
Monzo is still a young enough company to really qualify as a startup.
I don’t think you can expect profits for at least 5 years, but once significant scale is achieved it should be possible to become profitable.
And more importantly, is still here.
More than can be said for some who came along with great ideas, only to disappear.
Best of luck to them.
Very true but more importantly happy cake day!
Cough, N26, cough.
It’s my first anniversary of being here on the Community (it feels like longer, since I’ve enjoyed it so much), although I’ve been a Monzo customer for nearly 5 years now, since the Beta days.
I think they are raising now so they can report the cash in their end of financial year 28th feb
Talk of Monzo demise is greatly exaggerated
Float on London stock exchange when?
They would have to slash their losses first (although pensionbee are loss making and looking to float)
I don’t think Monzo will ever float on their own - they seem to be just scraping by at the moment raising £50 million here and £60 million there but that only covers running costs it does not allow them to move in to new products like mortgages, business loans, etc etc premium accounts is not going to cover their losses
So until they are taken over by a bigger financial institution Monzo will stay private
Yeah it’s the take over that would put me off. Public float would be fine. (Look at my post history about this)
I don’t use big banks period. (The news would be what would make me put in the CASS out)
I’ll take poor apps and calculators than bank with a big bank.
Ocado floated while making massive losses and took years to start becoming profitable.
crikey where do you start with companies going to IPO without making a profit …
Uber - 8.1bn valuation 2019 - 3bn in losses in 2018
Wayfair 2.4bn valuation 2014 - still making losses 2020
Peleton 8bn valuation 2019 - 450m losses over the last three years
Starling reportedly looking at IPO next year , to cash in on the first year of “profits” ??
Revolut also reported looking at IPO before even getting their UK banking licence ??
Not having a go, but there a lot of this, people having it both ways, they are either scraping it together or on the edge of going bust.
They’ve raised nearly £200m this year in what is supposedly a terrible market for VC raises and there seems to be a lot of faith in TS and the new executive team to get this right.
Why exactly is this?
It’s quite likely that if a big bank ever did buy Monzo it would end up as a kind of reverse-merger (they would want Monzo for their technology, so the bank would probably end up like Monzo is now).
Obviously it would be sad to lose much of the buccaneering ethos of independent Monzo, but I don’t think the app would change much?
I’ve also often thought that it’s a realistic prospect for any takeover parent bank to keep Monzo as a digital innovation brand for technology experiments before a wider rollout, kind of like B to Clydesdale and Yorkshire Banks.
Surprised they needed to raise again actually 175m in a year is a lot. wonder if they are funding an expansion of some sort