Firstly - I hugely appreciate Monzo not only doing these in the first place, but also live streaming (and uploading to YT) for later viewing - Microphone technical issues aside, I thought it was really useful.
@yen - When you post your summary later, will you be able to divulge what the £3.50 of “other” (making up almost 25% of Monzo’s revenue) is?
Disappointed, but not completely surprised that almost half of the revenue comes from overdraft/loan fees.
I was expecting an additional revenue stream which would take the emphasis off lending (marketplace for example).
A question was asked about the interest on pots product, which was answered with “I’m not sure I can give any information on that” - But obviously it’s already in the public space, all be it to a limited number of people.
Forum (and Open Office) regular @icedcoffee captured a great photo of the action:
You can see the rest of the Twitter activity from the night here!
The wonderful @joey100 and Caroline gave a talk about how the Finance team makes money work for Monzo. They covered the slightly unusual structure of the Monzo Finance team, discussed their team’s and Monzo’s quarterly goals, explained what we call Customer Unit Economics and why it’s important, and how that feeds into the question of profitability.
The full stream:
3:40 – an introduction to the Finance team at Monzo, and what makes it a little bit different
4:43 – what the Finance team does for Monzo, and the Finance team’s Q4 goals
7:07 – Julie explains a key term: Customer Unit Economics
11:07 – why we talk about Customer Unit Economics, and why it’s important
12:01 – Caroline talks through the company’s Q4 goals
13:47 – what overall company profitability is, why it’s important, and Monzo’s plans for getting there
17:35 – Q&A: an audience member asks about the Monzo marketplace and where it’s at
18:50 – Q&A: an audience member asks about how Monzo intends to differentiate from competitors, and Julie talks about why it’s wrong to assume that Monzo’s principal competitors are other challenger banks