The shape of the curve will be interesting. It has been a straight line for months, which I’ve always thought was weird, unless there’s some limit to the number of daily signups. I would have expected it to be more exponential if the growth is word of mouth, but either way, there will soon come a point where Monzo will have to move from being an exciting new idea to being something that the majority will switch to. This includes people who:
- Usually run out of money in the last week of the month, and who think 50p is a lot.
- Want all their products with the same bank.
- Are not used to contacting their bank, so don’t care about service.
- Hate switching banks.
- Never travel.
- Just don’t care.
I wouldn’t be at all surprised if it proved impossible to get to 2m without going abroad, and I don’t think that’s necessarily a bad thing. If they can do 1m in fifty countries, they’ll be laughing.