Number of Monzo Users

Monzo Chat
41

Completely anecdotal, but once people are fully established users, I would expect the churn rate to be near-zero. Getting people to become established users is difficult though - I would expect that to be a little less than 50% of card activations.

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42

@billinghamj That is what I would have assumed as well - the challenge I imagine is just to get users into the habit of using Monzo

43

When it comes to churn, I wouldn’t expect a lot of users to cut up their card or switch to a competitor (unless they need a mortgage & can put up with a really badly designed app, in which case, they could switch to Atom).

My main concern is the users who sign up to check Monzo out & then end up only using it for discretionary spend / travel etc. in other words, infrequently because they’re still using relying on the bank which provides their current account, particularly if they’re earning reward points from credit cards.

But having said that, it’s still early days & Monzo aren’t expecting to be making a profit at this point so I don’t think it’s a major problem if user engagement isn’t that high (although it is interesting to know). What really matters in my opinion, is useage after the current accounts launch, as that’s when users will (hopefully) switch to using Monzo as their main bank :pray:

Just to mention, I’m not aware of any of Monzo’s competitors sharing useage metrics either so even if we did have the figures, we wouldn’t have a benchmark against - if you have any, please share them!

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44

I got my “skip the queue” investor email on the 4th of April and immediately ordered my card.

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45

Thanks Dan :slightly_smiling_face: do you remember when it arrived & you linked your card to the app by any chance?

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46

Yeah, I took photos fortunately! :smile: … My card arrived on the 6th of April and I linked the card on the same day.

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47

Throwing my data point in.

User #741.
Registered 19th of January, 2015 at 18:45 :wink:

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48

Again, following on from @NamesKieran’s comment Tom mentioned in the recent London Fintech podcast that Monzo’s set

in order to become “significant”. I’m guessing that Tom’s referring to Monzo’s influence on the market as a whole there.

My prediction is that they’ll get to 1m users by the end of 2017 :crystal_ball:

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49

Especially if they can break into the American market before the end of 2017.

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50

@alexs Oh I agree completely - the Beta card is all about learning what people want and building community interest - but even if they’re not making a profit, high engagement is definitely a good sign!

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51

My girlfriend received her card today - #87283

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52

Just adding my data:

User No: 2763
Ordered card on 22 March 2016
Activated card on 23 March 2016

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53

Here’s a new stat on engagement :tada:

Either spend’s ramped up rapidly or this figure’s a little low though

as apparently Monzo was seeing about 700k spend per day, on average, at the beginning of December :thinking:

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54

Got my card yesterday :tada: User #89171

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55

Thanks Nikita, I saw your tweet yesterday so I already recorded your user number :slightly_smiling_face:

56

If it helps your graph.

I’m user 50,065 (According to API /profile?account_id=$account_id)
Think I paid my initial ÂŁ100 on 30/09/2016 and got definitely activated/attempted first transaction as soon as received on 03/10/2016

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57

:boom:

  • ÂŁ12 avg daily spend & ÂŁ440 avg monthly spend
  • 83,700 activated cards
  • ÂŁ86,179,022 spent in total
    • Groceries: ÂŁ15,335,845 & 1,782,150 transactions
    • Shopping: ÂŁ9,911,976 & 457,259 transactions
    • Transport: ÂŁ8,213,934 & 1,118,285 transactions
    • Entertainment: ÂŁ7,384,425 & 590,684 transactions
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58

A quick update - the last user who shared their user number with me (thanks @Avishai) activated their card on the 17th January & was user #96,196.

The pace of signups has picked up after Christmas too so if you’re a new user, please do share your user number because we can’t be far off 100k users now :tada:

Edit - in fact, this was included in Monzo’s weekly update on Facebook :gift:

I’m tracking the signups here & older user number’s are helpful too :slight_smile:

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59

I’m 46423 and got my “Your card is on its way” email on 23/09

60

Thanks Tommy! Do you remember when you registered your card in the app by any chance (the activation date)? I expect you made your first transaction not long afterwards…that’s the date when you’re assigned your Monzo user number.