Ten Years of Monzo

[JIMMWX (Village Idiot)]

@BenC

This is something I keep reading on here from various people, almost word for word.

This is something Monzo needs to look at in my opinion. They could well become a victim of their own success otherwise. If people are using Monzo to get a handle on their finances, and then moving on to a “proper bank”.

I think one of the key challenges here is they (Tom, Jonas et al.) basically built a bank for themselves.

The “customer” was a young affluent individual who had the means and time to go abroad quite a bit to Europe. It’s one of the reasons why Covid nearly took them out in my opinion, they just hadn’t diversified nearly enough.

I think under TS that’s changed and they’ve gradually moved towards family and couples banking too. But I think that’s a challenge.

a. Because the main legacy banks have caught up enough/that demographic is fixed (because they have to be e.g. Mortgage) that change is low or they just go elsewhere from Monzo.
b. I don’t think Monzo really know who their target market is anymore. It very much feels like they’re just lopping hooks into different sets and hoping a few land.
c. 2016 was very different to now. The banking sector looks completely different and nearly all the things that Monzo offered then that made them stand out are now just small fish in a massive pond. Nothing, and I mean nothing, is really all that revolutionary that you might choose them over (insert alt bank here).

2025 will be a very interesting year I think.

[glenmcfar]

@Peter_G

any celebration plans?

Any plans could come a month either side of the actual anniversary.

Hello 1p Challenge.

[Dan5 (Dan)]

@Peter_G

• any celebration plans?

I’m going to sneak my cats into the office

[jgf]

For those wondering when they joined, it should show you in-app on your Personal Details tab (under your profile picture) the date you joined and your sequential Monzo user number.

[davidwalton (Award Winning Hot Coral Analyst)]

That method shows just the joining month and year (well, on Android it does)

If you want the exact joining date, tap on the Personal card to see the list of latest Personal account transactions and then search for ‘welcome’. Scroll to the bottom, to the earliest entry which should be ‘Welcome to Monzo’ and that will show the account opening day and date in addition to the month and year.

[Bosaw]

I don’t have a “Welcome to Monzo” entry, but I searched “Top up” to find the initial mandatory £100 top up on 24/03/16

[npc_06]

@davidwalton

That method shows just the joining month and year (well, on Android it does)

If you want the exact joining date, tap on the Personal card to see the list of latest Personal account transactions and then search for ‘welcome’. Scroll to the bottom, to the earliest entry which should be ‘Welcome to Monzo’ and that will show the account opening day and date in addition to the month and year.

Indeed, my original account was the same day as my Starling. Took me a good year of asking if I can come back in 2021ish after closing my original account, originally I was told they can’t open new ones and can’t reopen old ones then eventually I got a reply saying try opening a new one. Never closing it again.

[BlackenedUK (Tom)]

Looks like I joined in September 2016 after being on the waiting list for the Android version (I think iOS was before this?).

I also remember heading to Monzo HQ the following year for an event to pick up a card for the current account preview, enjoyed that.

[betalogic]

@Anarchist

for fee free foreign spending

I stumbled over myself just reading this alliteration in my head

@npc_06

10 year anniversary debit cards for the community?

I second this.

@fillip2k

Kind of in awe of @jo and how much attention he’s paying to his finances. At his age I was not thinking about this kind of stuff at all.

& this.

Heard about Monzo for the first time when I was in college in 2017/2018 - one of the lads I was with had this bright pink card that quite literally grabbed my attention as designed.

Opened an account but never used it for a few years, then made it my main and haven’t looked back since.

[Anarchist (Press ‘Help’ search ‘Contact us’ or email help@monzo.com or call 0800 802 1281)]

@betalogic

@Anarchist

for fee free foreign spending

I stumbled over myself just reading this alliteration in my head

OK. Try fee free foreign frittering

[betalogic]

The tongue of my inner voice is TIED

[Dunsford (Colin Robinson)]

I remember getting the train down to London for my first card.

[Bosaw]

@Dunsford

I remember getting the train down to London for my first card.

@Bosaw

searched “Top up” to find the initial mandatory £100 top up on 24/03/16

One day apart, 9 years ago.

My number is a couple hundred below yours though, perhaps I signed up but didn’t deposit the £100 immediately.

[hannng]

I joined 9 months later, and I’m user #86304. They grew so fast.

[jo (Will be back soon - taking a break!)]

I must be one of the latest customers on here… #11027146, and yet I joined before 10M customers

The maths ain’t mathing…

[npc_06]

Not sure if Monzo counts closed accounts in the 10 million, if not that would explain peoples account numbers being higher.

[jo (Will be back soon - taking a break!)]

Well about 5 of that number is @DMc1 in that case

[npc_06]

At least.

[Carlo1460]

They don’t remove customer numbers when they close accounts

It continues to tally; whereby open accounts are used for the “we have X customers”.

[DMc1]

More than.