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Well. Started using Revolut for my cpas to test out the pockets. Just had my card frozen for suspicious activity for a £1.99 now TV payment! Easy to unfreeze, but not sure if I’ll be able to now release the funds lol

I thought this had happened already…

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I think they just had an EU banking license? So now, they’ll need a UK one too due to Brexit?

Yeah that’s right, they have (I think) a Lithuanian licence. I just thought they’d already started the process of a UK licence application - I think I remember there being some noise about that last year.

They applied and they either withdrew the application late or it was rejected

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I’d be interested to see how this goes, considering their crypto-based features.

They made big chat of how quick and freewheeling they are while Monzo are now boring and in the slow lane. Might come back to haunt them a bit as lots of the “fun” will have to stop

Something that will be tested for sure, but I wouldn’t rush to conclusions just yet. If it stalls them significantly, then I’ll understand Monzo’s situation a little better and perhaps be more patient. If not, then what the heck Monzo!?

I think it’s worth noting too, that although Starling has nothing as fancy as some of Revolut’s more out there features, they still appear to be quite nimble. Their features that compare to Monzo’s are updated and improved on a more frequent basis or are better functionally, and they’re launching new ones in what feels almost bi-monthly. So a banking license certainly hasn’t slowed them down. Perhaps not as freewheeling as Revolut though.

The banking license is the core thing Revolut has been missing for me. If they can retain their innovations after acquiring and continue at a similar pace, I’ll very likely move to them.

Exciting stuff though, but let’s wait and see.

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I hear this a lot, but it doesn’t really resonate for me. Starling is good at releasing new banking products (euro account, connected card etc), but the features that compare to Monzo (by which I mean the functionality associated with the personal current account in the app) seems largely static. Could you give some examples?

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Settle up still works with Apple Pay. (Really hung on this Apple Pay thing missing from Monzo.me of late) as one example. Being able to link a second card to their version of pots another.

I prefer Monzo to Starling as a whole for various reasons, but mostly due to being off put by the onboarding to give them a proper try. But when my friend can send me a settle up link and I can pay them back using Apple Pay. And when they have a second spending card linked to a dedicated space, among all their other announcements and launches over the past year, I get that grass is greener on the other side feeling quite a bit.

Some may argue with pots, that Monzo’s use of them is better with stuff like round ups, or bills pots, but neither, with How Monzo has implement, really do it for me. But a virtual card linked to a pot, or a second physical card as an option linked to a pot with plus would do so much more for me. And given how quick Starling seemingly were in the development and launch of those products I can’t help but wonder what’s taking Monzo long. It’s been 6 months since a few employees teased the possibility on here.

I long for the nimble days, which is what makes the idea of Revolut with a license so tempting.

What’s interesting here (for me at least) is that the first of these is a Monzo own-goal - Starling maintaining a service shouldn’t be sometime to write home about. Monzo knows it’s broken, but won’t formally kill or cure it. I think that is quite emblamatic.

The second one - linked cards - I see as a separate product (I listed it as one Starling’s new banking products), but I see the overlap here, and share the frustration at the perceived lack of agility we’re seeing from Monzo. Indeed, I think there’s some revenue possibilities in offering (I’m making this up) for example, a card/pot for £1 month. I think back to this quote from Tom Blom in 2018:

Barclays launched ‘freeze your card’ very recently, which is fine. There is a saying in ice hockey: ‘You’ve got to skate where the puck is going’. If you skate at the puck, it will have moved so far ahead by the time you get there that you’ll have missed it. Banks are looking at us. We are the puck.

To get this back on topic, I see Revolut bringing innovation in the app, Starling keeping the app pretty stable (I mean where are budgeting and spend analytics?) but innovating in other financial products. Monzo is still ahead of the game for my needs - and have thrown a lot of their resource at paid accounts which are worthy but largely unremarkable - but I really want them to become the puck again. They’ll end up being Barclays in Tom’s analogy if not.

As others have said, it’ll be intriguing to see what happens to Revlout once the weight of regulation is on them.

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UK here they come!

If Revolut gets it, it’ll put the bank on my financial radar.

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I’m still very sceptical of the company’s ethos and approach. And I’m still a bit burnt about the time I tried to open an account and it all went horribly wrong. So there have quite a steep hill to climb for me, I’m afraid.

Good for competition, though. I hope that Monzo rises to the challenge…

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50% of their UK customers making Revolut their main bank account feels like a stretch. But game on (if they get a banking licence).

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Perhaps not switching, but I’d definitely feel much better about leaving more money in there! Right now my balance tends to range from £0 to £100. Currently have 1 share of cloudflare, and £10 in Apple so I could test out their stock trading, £10 (which is worth about £80 now and I should probably sell and withdraw) in Ether, a few euros in the euro account and $20 in my USD account. U.K. account has been £0 for a while because I’ve not been using it for spending. With a banking license I’d trust them to hold a larger amount of my funds, and treat it as something a little more than just an account to play with from time to time.

They’d need to fix card payment issues too. The odd time I have used it in co op, it would take 2 or 3 at attempts for the card to not be rejected sometimes. I don’t think it ever worked with Smyths Toys either, but neither did Monzo’s virtual cards.

I’d be well tempted to switch to Revolut if they get a full license. With all the features it supports it’s much more of a finance hub than any of the other fin techs.

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Just got a rundown of some new features in the Revolut app, they’ll be a very compelling option when they get their full license!

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Interesting

The fintech could even be asked to shut its crypto-trading product in the UK to satisfy both the FCA and the PRA, who co-manage the bank licence process.

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I thought that was a technically seperate entity?