Platform Licensing

[joshpriceonline (Josh Price)]

The idea of licensing technology really only came to my mind after binge-watching Shark Tank this weekend, however, this got me wondering, has Monzo been asked about the possibility of licensing their in-house technology to other banks or considered it?

I’m aware of the buyout offers after watching all of the Open Offices but have never heard anyone ask about the possibility of licensing.

All of the big banks are stuck on this medieval time core-banking software . My assumption would be the reason they haven’t moved any of that is due to cost and risk. For banks like HSBC and Barclays, it would require billions just to implement such a change and they wouldn’t see any real return on such an investment.

Would love to hear people’s opinions on this!

[simonb]

I believe we have, but I expect that there’s still a lot more work to do on ensuring it scales to the amount of customers that we see ourselves headed towards before we’d consider doing something like that.

I can’t say for sure whether we’d do it and I wouldn’t want to speculate too much, but ultimately our main focus is to build a really fantastic consumer product and there’s still a huge amount of work for us to do in that regard, so I will say it’s pretty unlikely in the short term.

In the future, who knows!