The race to TEN MILLION users

[Ordog]

When they release dark mode Monzo will surge straight past 10 million

[DaveJ (Dave)]

Cheque imaging will bring in 3.72 million new users

[jzw95]

I see you slipped and put the decimal point in the wrong place, so I’ve fixed it for you

@DaveJ

Cheque imaging will bring in .00000372 million new users

[DaveJ (Dave)]

I knew my maths was rusty 🤦

[Rat_au_van (Em)]

@rarther

I was expecting a good push from the US division by now,

Think the counter is just uk personal current accounts

[breville_monkey]

I expect growth to rise when they hit profitability. At that point I think they’ll do a Starling - adverts on every bus etc plus bring back referral schemes etc.

I think the US side also depends somewhat on profitability - expansion there will need cash too and when they are profitable I expect a big raise in order to fund that (instead of to just plug holes in the U.K. business).

I think I would still peg somewhere in 2025 for 10 million though.

[rarther]

5.7million

[N26throwaway (Sir Tom MacMonier)]

Growth is pretty steady at about 100k per month then. 6 million in February 2022?

[Peter_G]

I suppose it might pick up a bit, given “beep beep” - and the referrals in-app we’re seeing. Maybe this is the beginning of a marketing push?

[N26throwaway (Sir Tom MacMonier)]

Can’t help but feel like London is already saturated though, and not much new growth to be had from there, relative to other parts of the country.

Speaking anecdotally of course, but 100% of the people I know who either work, live, or commute to London regularly already have an account and are very aware of the brand. Contrast that to folks I know in more northern cities where I’ve been their introduction to Monzo, rather than actual marketing.

London has a large population relative to its size yes, but it’s still only slightly above 15% of the population of England. Less than that when you factor in Scotland and Wales, which to me largely seem untapped as well.

Perhaps the busses are preventing growth from falling, and leading to a possible slight uptick, as this 100k came in a bit quick compared to the last few. I think to see some real uptick in growth, we’d need a marketing campaign that was a bit more visible and a bit more National. Hopefully it’s as you say, and this is just the beginning.

[davidwalton (Award Winning Hot Coral Analyst)]

@Peter_G

and the referrals in-app we’re seeing

I suspect that’s about to get even more pushed

[Peter_G]

@N26throwaway

Can’t help but feel like London is already saturated though, and not much new growth to be had from there

I can only assume that Monzo’s data shows differently. Either there’s more of the market to be had, brand awareness to grow or a conversion strategy from spending to full current account. Whether or not we feel it makes sense, I think that Monzo probably made a rational, data driven decision.

@davidwalton

I suspect that’s about to get even more pushed

[Paulw (Paul)]

I agree but I guess it could also help with customer retention as well, ”stick with us, look how great we are”

[rarther]

5.8m

6m by March 2022?

[SouthseaOne (Michael)]

Hopefully on a Sunday night. Traditions and all that

[N26throwaway (Sir Tom MacMonier)]

In that case, locking in February 27 as my guess.

[16bitkieran (Kieran)]

5.9m

[davidwalton (Award Winning Hot Coral Analyst)]

Speaking of which, the amazing Grafana link died ages ago - @joecarter ?

[SebH]

@Peter_G

Either there’s more of the market to be had, brand awareness to grow or a conversion strategy from spending to full current account.

My guess is it’s mostly a conversion and consolidation strategy in London alongside continuing to increase awareness to a much lesser extent. Plus customer retention as @Paulw says - people like to be backing a winner.

I would still expect much more national marketing once Monzo reaches profitability, though.

[dannymidd]

prob asked before but why is there no tv adverts for monzo like ((cough)) starling