Still to raise 15 million by EOY

( related to Monzo CEO, Investor in Monzo ) #21

would Monzo want to “gain access” at a large expense to a market that could be taken away in 2 years time ? Would it not be more sensible to build your customer base in your home Country, then after consolidating your base, open up markets in Countries that don’t have a “closed shop” attitude ?
We don’t know what Europes attitude will be to Uk trade if we do decide to leave (eventually :slight_smile: )we don’t know what the UK will be asking for yet - would you spend money on expanding into a market that you might be excluded from in 24 months …hmmmm.

Don’t know how many customers N26 have here in the Uk ? , I would assume most of their
customer base is in Germany ??? and they have then expanding into a market of another 420,000,000 ish and gained another 10% - 20,000 ( ? ) of customers out of their 200,000 (mostly home) customers from the 420,000,000 - even if it was 50% or 100,000 out of 27 other Countries ?
Maybe N26 are being smart and expanding while they can and deal with the consequences of Brexit negotiations next ?

(Sacha) #22

Perhaps the crowdsourced funding could be restricted to those who were already Alpha or Beta testers? Could it not be restricted by card number (similar to when I booked London Film Festival tickets recently and could only use an Amex in the presale).

( related to Monzo CEO, Investor in Monzo ) #23

as a last round successful crowd funding investor, I would want to see people that didn’t get the chance of investing last time to get priority , then previous investors , then new investors - Investors are your biggest advocates in Monzos customer acquisitions - that would be fair in my mind but a nightmare for Monzo to sort out priorities when they have their Banking Licence to sort out , Apple pay , Android …etc etc :wink:

(Saveen) #24

Yep, these are the two sides of the coin that I’m curious about.

(Alex Sherwood) #25

Assuming that this is a list of countries where N26 is available, they’re not set up in the UK.


I just tried signing up on their website to check & received the below email

Don’t forget that EU companies are just as exposed to the consequences of Brexit as Monzo would be entering the EU now. The UK will have to (re)establish it’s own set of regulations for companies that want to operate here.

While I was on their website, I also noticed this

& given the challenges that Monzo have had dealing with MasterCard (Apple Pay being one example, no accounts for under 18s being another), I’m hopeful that Monzo removing their reliance on MasterCard will be one of the factors that gives them the edge vs competitors, despite the challenges strength of those company’s backing, as Saveen mentioned…although it obviously won’t be the deciding factor.

(Saveen) #26

Hi @iansilversides , @alexs , I’ve managed to uncover the following:

This seems to be their plan.

The challenger [N26] will operate under the European licence, and does not plan to apply for a UK specific licence as a result of the vote to leave the EU, unless it’s required to.

“I don’t suddenly imagine it to be not applicable. We’re a startup and used to uncertainty. If we need to then we will,” he [founder and chief executive Valentin Stalf] said.

[Source: City A.M.][quote=“alexs, post:25, topic:4138”]
While I was on their website, I also noticed this:

Powered by wirecard bank

N26’s actual customer accounts are held with a partner bank, Wirecard, to which N26 pays a fee. But by the end of this year, they will be held directly by N26 Mr Stalf said, substantially reducing costs.

The Austrian-born chief executive said N26 would enter the UK market by the end of this year or the beginning of 2017, despite last month’s Brexit vote. “We’re one to two years ahead of the other challenger banks and the market is huge,” he said.


But :monzo:,

…ever since the day I first read the words “Jimmy Fontana” :heart_eyes: