📰 The UK’s answer to Facebook or Google? (interview with Tom) - The Evening Standard

(Alex Sherwood) #1

Here’s the latest press about Monzo :smile: with lots of news in it :tada:

& he goes (even more?) on the record with this quote

“We’re opening more accounts every month than any UK bank,”


Interestingly, Eileen Burbidge, the London tech star behind Passion Capital, says she initially wanted to back Starling but then funded Monzo instead. She says it was “always about Tom”. She also invested in GoCardless.

& now

Each card costs us £50 or £60 a year,” he explains. “Moving onto the current account will bring the losses down to £20 a year and then it’s about making revenue”.

He says a recent survey they did suggested more than half of users would trust Monzo enough to put their entire salaries into its current account.

Another funding round is approaching, likely to be more than its last £22 million, but under £100 million.

He’s drawing up plans for a new office in Wales and probably another in Dublin or Berlin for post-Brexit EU passporting. In 12 months, Monzo will have 400 employees, he says.

Plans for its its own headquarters are even on Blomfield’s mind.

Imagining what they would look like, he suggests with a chuckle: “a giant M over Canary Wharf.” He’s so ambitious, I can’t even tell if he’s joking.


:newspaper: Which is the biggest challenger bank in the UK? - Verdict
Reducing the cost of debit card top-ups

The guy is hugely likeable. I love all the key points you have quoted above. What a legend.

(Simon B) #3

Even more likeable in real life :smiley: :wink:

There’s no BS with Tom. That’s honestly so refreshing from a CEO. Both as an employee, and as a customer. I know, I’m biased, but it’s still true!

(Frank) #4

In the theme of “Monzo Meetup” style, can we not put your next office location to a community vote? I think you’d all be rather suited to a Bristol office myself :wink:


Blockquote But in 2011, he packed it all in and, with two other university friends, started GoCardless, the online direct debt processor.

direct debit processor!


“And in bad news for frequent travellers, free overseas withdrawals will soon be over.”

:disappointed: Is there any more info on this?



10:20 of the above video for comment on ATM withdrawals.


This is soooooo exciting! Maybe they have approached this theoretical EU ‘prospectus monster’ and realised it is more of a :mouse: ?

I’m eager for everyone who wants to invest in monzo to finaly get their chance (or a much much better chance at least) and get thousands more people raving about it. And it would be such a growth vertical if they carried out what he is hinting at. Fingers crossed.

(Alex Sherwood) #10

There’s a ‘consultation’ with the community on the way but in the meantime, there’s more details & discussion about that here -


Monzo has turned down two takeover offers in the past couple of months.

I wonder who they were, what they were offering etc?


They have turned more down than that too. Tom did say this at either an open office or rollout event that was live streamed.

We never found out who it was or what they offered though.


Unless I am being cynical we can probably assume most the offers were from legacy organisations who either wanted to shut down Monzo or merge it into their existing offerings


Any truth to the rumour, which I’m just starting, that Tom sent the below as a response?

(Alex Sherwood) closed #16

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