Hindsight is a wonderful thing!
Knowing now what amazing user-growth we had in 2017, I would have paid more attention to account costs and generating revenue earlier.
It costs the average bank about £120-150 to acquire a new customer, so we were laser-focussed on growing organically. And I think it’s fair to say we nailed it; we sign up 60,000 new accounts a month at the moment with zero cost-of-acquisition.
But as a result, we had a huge number prepaid customers costing us about £65 per year in 2017. We’ve now managed to bring that cost-per-user down to around £20 on the current account, and we’re now working hard on revenue - things like lending and third-party partnerships. But we could have started this journey earlier and probably used up less cash.
As an aside, Stripe topups are currently our biggest cost (for migrated users), so it would be amazing if you could all fund your account with a bank transfer. Or, better yet, move your salary over!