Number of Monzo Users

(Joseph Fulton) #15

Interesting the prevalence of cards I’ve seen in several cities if there’s only 80,000 active floating about out there! Although I guess that could be tied to the circles I move in :thinking:

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#16

…or the fact they Hot Coral so easy to spot. If they were navy blue or black they would be hard to spot

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((☞゚ヮ゚)☞ ☜(゚ヮ゚☜)) #17

It took a few months before I saw another one out in the wild but I’m definitely seeing more and more around. I’m not including my Wife’s in the mix either. Mainly because I rarely see that one :slight_smile:

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(Marcus Nailor, Hot Coral Detective) #18

I’m still on the lookout for a fellow Monzonaught! :wink: Too many people are stuck with boring banks haha

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((☞゚ヮ゚)☞ ☜(゚ヮ゚☜)) #19

It would seem that London is your best bet to see one.

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(Alex Sherwood) #20

Following on from Kieran’s post today, I thought I’d chart the growth of the number of Monzo users :nerd:

Here’s what I’ve come up with -

Taken from -

Following on from Kieran’s comment -

The forecast shows Monzo hitting 100,000 users by the end of January / beginning of February :hushed:

A couple of caveats; there’s some big gaps in the data & the forecast clearly isn’t precise either (hence the first data point starting below the current number of users).

Obviously this doesn’t enable us to do a meaningful assessment of user adoption, without usage data. But it’s interesting to get a sense of how Monzo’s ramped up marketing / sales efforts are having an impact on user growth.

I’ll try to remember to keep the spreadsheet updated :slight_smile:

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(Oliver Ford) #21

That doesn’t look quite right! :laughing:

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(Alex Sherwood) #22

It’s not!

:stuck_out_tongue:

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#23

The actual user numbers for the 16th may have been compiled after the forecast on the 17th, i.e. figures provided on the 18th for 2 days back

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(Oliver Ford) #24

… D’oh. Sorry!

(reaching char req)

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#25

Out of interest, is anyone aware of a strategy for the quantity of users Monzo want to onboard at the pre-paid card stage? Or is it simply ‘as quickly and as many as possible’?

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(Naji Esiri) #26

@eplaskow Yep! To put simply, as many as we possibly can :slightly_smiling_face:

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(Alex Sherwood) #27

Just to share a bit more of the backstory :classical_building: - Tom’s said that they were only expecting to sign up a few thousand users at the most, before the launch of the ‘full bank’ & current accounts. And my guess is that this is what Starling (the most similar ‘challenger’ bank to Monzo in terms of the business model, who have taken a very secretive approach, has ended up with).

But a combination of being open (community, blog posts, office open days, presentations), the hot coral card, p2p payments creating a network effect, a strong fintech scene, using the right tone in their content / social media etc. etc. etc. has meant that there’s been far more interest than expected which is how Monzo’s ended up with so many more users.

So following on from Naji’s comment, this has led to Monzo proactively stepping up their sales / marketing efforts, culminating in the week long Old Street shopping event / marketing campaign at the end of this year -

:movie_camera: :arrow_down:

& also raising more money from investors, to help pay for the increased operating costs & I would guess to also fund more marketing.

The plan for next year is for Monzo to double the size of their team but their target will be to increase the number of Monzo users at least several times over. Obviously rapid growth in terms of users is one of the key signals that investors are looking for :rocket:

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#28

If I remember rightly they got 16 times the number of card holders they had estimated for the beta

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(Colin Robinson) #29

FWIW one of my Golden Tickets has just been used yesterday for user 84588

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(Alex Sherwood) #30

Thanks Colin! I’ll update the spreadsheet :slight_smile:

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(Peter Johnstone) #31

@anon44204028 Yep! @tom said at the open office session in early-mid-December that they’d anticipated handing out 4k-5k cards total, and had now handed out over 80k cards and were handing out more than 4k-5k per month!

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(Investor) #32

Activation date - 12/04/16

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(Alex Sherwood) #33

Thanks Aeroc, we need as much data as possible for the beginning of 2016 :slight_smile:

It looks whatever Monzo did in the first couple of weeks of April was particularly effective, in terms of getting new users to signup :eyes:

Screenshots taken from the graphs in the document from this post.

I’m guessing that this is due to the launch of the beta program (on the 17th March). There would have been a delay before users were able to activate their cards & the user numbers jumped, while Monzo worked to send out cards after the increased demand. But it’s still difficult to draw accurate conclusions, without having more data from around this time.

Just to mention, if I like (:heart:) a user’s comment - which contains user number + activation date - in this thread, then I’ve updated the spreadsheet. I won’t post a thank you each time, to avoid swamping the topic.

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(james_e_bell) #34

Interesting detective work as always @alexs :mag: !

I guess there is no external way for us to look at things like user engagement/level of activity/spend as thats what you really want to correlate against signup (plus level of references) if we are looking at growth of the product though.

This is an interesting area though - this is something where Monzo would definitely have the real stats and be paying close attention to them - im guessing its something they dont want to make explicitly available externally? In which case would they be happy with this recreation? (Im guessing its something competitors/commentators could be doing themselves anyway though)

1 Like