Partnering with

I have heard that wants to have their service in the UK but are unable to find a bank to partner with. I think Monzo would be a great start.

What does is it gives you the ability to create single use or multiple use cards to use online. They also have the ability to create a spend limit, so companies can’t double charge.

I realise that virtual cards are on their roadmap, but wouldn’t it be quicker to partner with a platform that is already in place?

If they is a call for it and maybe a test to see how user get on then they may include this option but as off now for a start up I don’t think they I]will right now maybe in the future.

I believe it is on the road map too, likely a Plus feature if I had to guess.

It would still require work to integrate with a third party so one would argue that the time spend doing this would be better spent doing it themselves depending on how far along they are in the process.

I believe Monzo prefer to do things like this themselves and keep it all in house so they have more control and such. Much like when they recently brought all their payment processing systems in house.

I think Monzo have gone to great lengths to build their own tech.

I can’t see them doing all that to buy in more stuff.

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I would love to see privacy. I am using revolut for all UK scheduled card payments now, but it is has super limited functionality and I am afraid Monzo might not build something more complex than that (at least not soon)
The best things about

  • Limits per card, in revolut it is stupid, you can make 30 virtual cards but every single one of them can eat all cash you have on yours account. Setting monthly limit per service (Netflix, etc) is must have
  • Virtual cards don’t requires using my real name while paying with them, accepts any name while paying
  • Browshers extensions allowing dynamicly creating new Virtual cards when website asks for card details (amazing!)
  • Separation between single use cards and multi use cards (first one gets deleted after first and only transaction). So there is no risk that some doggy website will charge you more then one time. There is also no risk of charging you more, because you can set limit to whatever you are suppose to pay
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Monzo use Transferwise for international payments, use 3rd parties for savings accounts, used a 3rd party for Faster Payments until recently and still use Natwest as their correspondent bank. It will probably never happen but it isn’t that far fetched for Monzo to use other services or tech.