RBS Remedies Fund (money for business accounts)


(Marcel Ruhf) #42

No idea, maybe it has something to do with when they submitted their application.


( related to Monzo CEO, Investor in Monzo ) #43

Pool A was for banks with business accounts - “To facilitate the development of more advanced business current account offerings and ancillary product sets by banks with existing and substantive business current account capability”

and

Pool B was for banks to develop business accounts if they didn’t have one - “To facilitate the modernisation of existing business current account offerings or (in the case of eligible bodies without existing business current account offerings) the development of new propositions”

I believe :slight_smile:

Pool A had 3 awards 120, 100 and £60m
Pool B has 3 awards 50 and 2x £15m

Starling were on the front foot with this pushing out their business accounts quickly with Monzo perhaps playing catch up ?


(Hugh Wells) #44

Yup - I think this is a fair comment.

We discovered we could actually launch a very alpha business account really quickly so perhaps we didn’t push ourselves hard enough in that respect and settled for “second best” (applying to Pool B) too early :disappointed:

We’re now trying super hard to not fall into that trap again! The businesses we’ve on-boarded so far (~ 100) are providing loads of useful feedback which we can iterate :raised_hands:


( related to Monzo CEO, Investor in Monzo ) #45

shame the monies reduce so much from pool A to pool B


(Michael) #46

Also a bit curious. Surely in some ways the pool B business need more of a hand up?


(NM) #47

Isn’t there a catch 22 here, where you could push yourself for an Alpha but risk burnout and end up with a below par product that needs to be redone and therefore waste time.


(Hugh Wells) #48

Yup, but I think that’s where the risk vs reward comes in :slight_smile: I don’t think we’d launch something that wasn’t up to standard so the main “risk” is we’d have put a huge amount of effort in to get something across the line and missed the boat anyway.


(NM) #49

What I mean more rather than “below par” I mean something that would just squeak through the criteria and be a MMVP ( most minimal viable product). As as an expanding business it would be difficult to pass up a top prize of £120million. But theoretically with more time and more user feedback the product should theoretically be better than if you first entered :slight_smile: