There does not need to be, whether monzo decides to loan more than 7k or not is their decision, but offering Mortgages or automotive loans is not irresponsible lending. It would however be profitable.
Not to a startup who have already said they don’t have their lending criteria fully nailed down yet. 
In your mind they should be running before they can walk!
I agree I would also like to see cash back in shops and online like Asda Tesco’s ect and online maybe Amazon, eBay ect.
In my mind they should be increasing average deposits so they can loan when ready.
Even if not loaned yet, Monzo can invest the cash.
Monzo don’t invest the cash and don’t think they plan to
There are loans up to £15,000 and overdrafts up to £3000 will be out soon but they need time to see if their lending criteria is right. They won’t make any money if they lend to everyone and have a massive default rate
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I am not suggesting they do so. I am suggesting they increase deposits so they can earn money off said deposits.
Loans are one way to do so. If I wanted to buy a house, I could not currently do that through Monzo. That is lost profit going to another bank.
If you wanted to buy a house you would get a mortgage, not a loan. Mortgages require a massive amount of money up front and much longer to pay back
They are working at increasing deposits, that’s why they’re encouraging people to go full Monzo. People don’t keep all their money in interest pots
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Have you actually read and understood the annual report? Because it seems to me you don’t have a grasp on what Monzo has stated is the business model.
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Previously the Screenshot in my app said 7K but we hope to offer more in Q4
I have and
Yes I have, Monzo deviating from the marketplace model more and more each year as it isn’t making money.
Is that not a good thing?
You’re not going to make money copying off all your competitors. You have to offer something unique and innovative. Monzo are pretty good at doing this so far if you ask me.
Moving away from the marketplace model is a great thing. Monzo needs to offer lower fees, higher interest on savings and a better experience.
That is how you get customers.
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They are getting there, give them chance. They’ve not been a bank for long 
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Much like Monzo Plus you mean?
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Surely you could say that of pretty much any bank. That comment doesn’t mean anything - it certainly doesn’t add value to the topic.
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Exactly. I’m sure this played a part in the failure of the first two versions. 3rd time lucky?
First time the concept was good, implementation was terrible. Second time it was a carbon copy of a packaged account. But from what we know Currently they are just packaged accounts 3rd time around. Fingers crossed for a killer feature though.
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Wow just caught up with this thread. So much hyperbole and presumption and mistaken facts and false correlations and argumentative nonsense (DFTTs!).
I sincerely hope for an update from Monzo with clear facts about what they are offering.
Mind you, what I think I’ll do is stop reading these threads that quickly become circular and, much like this very post (ohh the irony) offer no value at all! Huzzah!!!
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I like to see some clarity on what monzo have to offer with the is feature and how is will work 