Number of Monzo Users

It must be correct since I downloaded the Monzo app in May 2016 and that would tie up correctly with my user number. :stuck_out_tongue_winking_eye:

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This would beg the question: how many user numbers on the waiting list never signed up?

I don’t see how user numbers can be allocated on anything other than card activation without the actual number of users being skewed.

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There are many good reasons to be assigning the user number upon pre registration.

It would allow for easier tracking of a user through the sign up process.

It also allows for the account creation (identity verification etc) to happen upon the first point of contact, meaning that when the time has come for their account to be activated, there is no long wait process to go through, it can instantly be used, unlike other banks - ahem… Natwest… :stuck_out_tongue:

Maybe they should be calling it ‘user reference’ instead :slight_smile:, or at least show some cool stats such as registration date, activation date, registration number etc.

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@alexs just a shout out to you dude, loads of interesting stuff posted thanks

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Found this topic by chance:

Reading through the thread it suggests that numbers are (were?) assigned by card activation.

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I just got the confirmation & an explanation for your out of sequence user number @AlexM

Looks like I don’t have to rebuild my graphs :boom:

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Woo that’s awesome!

Thanks bud.

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User 168.848 today around 1400. I activated a convert and took a pic for evidence.

Don’t think I can edit the tracker - can you add this one @alexs :sunglasses: ? Thanks

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How long until 200k?

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Growth will probably taper off once current accounts start going out. I doubt new pre pay cards will be issued and existing customers will take months to transfer over to the new accounts.

Thanks @rarther!

@anon4562461 according to my (slightly dodgy) forecast, Monzo should get there before June. So they’ll reach 200k users in less than half the time it took to get to 100k :tada:

Although it looks like the press about Monzo’s restrictions on their banking license attracted more users than usual & if that continues, it could be sooner…

I’m expecting the opposite - the launch of the current accounts should generate a lot of press & the additional standard functionality (direct debits, faster payments etc.) will hopefully prompt users who’ve been holding off, to sign up. I expect Monzo will struggle to keep up with demand though so the queue for new users may get bigger.

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Do you think new applicants will get priority over existing users when it comes to current accounts? My guess is that the waiting list will get longer due to new applicants, but existing users will get priority over the new accounts, which seems the fairest approach, but will temporarily reduce the number of new users.

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No - I don’t think that would go down too well with the existing users.

I expect you’re right :slight_smile:

Hopefully Monzo will temporarily have more people working on managing the new accounts / distribution of cards though, to deal with the surge in demand & stop the size of the queue from getting so long that it puts new users off from signing up.

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I can’t believe Monzo will stick with manually stuffing cards once they become a bank - I’m surprised if they still do it to be honest.

The card makers must be set up for automatic stamping/printing of cards and envelope stuffing/addressing.

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Oliver said at around 1min58secs into his recent presentation that there will not be any queue (so the self imposed cap on user growth is going to go out the window and it is going to go viral! - my interpretation not his)

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Are there any public data or good estimates as to the volume of people using Monzo today?

I ask because my non-tech, non-finance sister seems incredibly excited about Monzo after using it for a week or so. And she heard about it totally independently of me. It made me think that Monzo has already jumped the hype cycle gap before even landing the current accounts and overdrafts.

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There is :slight_smile: I’ve been tracking the growth of Monzo’s users, based on users who’ve shared their user number & activation date (if anyone’s reading this who hasn’t already, please do post yours here :raised_hands:), in this spreadsheet -

When it comes to active users, Monzo said that

60% of cards [are] being used actively (at least once a week)

in their investment deck for the most recent round of crowdfunding.

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what have you done with my charts Alex ??? can only see methodology etc type not the graph on the link

What do you mean? :slight_smile:

[posted before Ian edited his earlier post :eyes:]

ah the link you provided is displaying the methodology page not the graphs which I can toggle to :slight_smile:

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