Yeah, we’d love to do that We just haven’t had time yet!
A quick update - in today’s annual report Tom mentioned that Monzo are forecasting that they’ll have
between 500,000 and 800,000 accounts by the end of the year
- £250million spent on the card - start of May 7% week on week increase in spending on the card so only about 15 weeks until they hit £1bn spent at the present rates
- end of Oct unless sign up goes crazy - who’d have thought it
At Monzo’s current 5% weekly growth rate they’ll hit their 1bn user target in September 2020!
5% weekly growth sees the user base double every 14 weeks and is equivalent to just over 1100% annual growth!
275k users and growing…
Hi Alex, user #275,199
— Andrew Ashford (@andrewashford) July 4, 2017
I give up on all my estimates - if Monzo are activating 6500 in one day from your graph Alex
- order more plastic
- get a bigger post room
- start making crowd funding docs earlier
Heh well spotted but they’re not, that was a bit of confusion that I’ll fix later yesterday’s user number was actually from a user who signed up last Monday.
I am Monzo user 287,003 - activated the card today. Plan to use it as my main way of spending and see how I get on.
Monzo user number #287915 signed up on 6/7/2017 and received my card today 8/7/2017
All sorted now
Funnily enough there was a spike (row 600) with ~5k users per day activating their cards between the 1st & the 3rd but I’m guessing that was the Martin Lewis effect & it’s settled back down to ~1.2k per day since then.
The growth line almost went vertical for a moment there!
Feeling chuffed at being User 3227
are you chuffed with how high the number is?
That user growth is absolutely insane… I’m sure there is a great white paper that monzo will be able to eventually publish on tactics and results… many thousands of fintech startups that have bitten the dust would have loved this insight…
If they keep growing at 0.7% a day they will hit 1million users by late February.
That would smash MetroBank who as of 2016 had 780,000 and they have been going for nearly 7 years now
If that happened it would be just 12 months from Metro’s Chairman dismissing app-only banks as “all hype” to being brushed aside by one. http://uk.businessinsider.com/metro-bank-founder-vernon-hill-app-only-banks-neobanks-all-hype-2016-12
One of these legacy bankers dismissing Monzo is going to end up with a famous quote on the scale of “there is a world market for maybe 5 computers” or “Television won’t be able to hold on to any market it captures after the first six months”. I think Vernon is at risk of being that guy
Fingers crossed he is… quite like Steve Balmmer’s “there’s no chance the iPhone is going to get any market share”… however he is still sunning himself on one of his super yachts so he’s clearly quite clever
Not the same, but in the right ballpark of “Doing a Ratner”
Got my sister on Monzo she is user #290152 and card was activated today