Tom in the Sunday Times! (16/09/18)

After a quiet few months, Tom has been back talking to the press:

I’m very sorry this is a paywall. But the amazing @sacha has shared a link that should work without subscribing - tap the downward arrow!

I think that subscribers can share links that let you have a look-see for free, so I’ll edit this post if anyone kindly offers one. In the meantime, here’s a summary:

  • Tom really doesn’t like the phrase “unicorn”. Which is a bit tough, 'cos he’s going to be hearing it a lot. :monzopride: :unicorn:
  • More seriously, he thinks it drives the wrong behaviours - he mentions DropBox spent $100k on a giant chrome panda (wtf?!) when they reached $10bn valuation(!)
  • 1m customers due this week :partying_face:
  • Monzo’s a hit with millennials (surprise!) - they particularly like the budgeting features. 50% of users are under 30, 75% under 40. (This one is brought to you by @Rat_au_van)
  • Repeats stats we’ve heard before (20% of customers have salary paid in; average balance of £250; losses of £33.1m; revenue of £1.8m)
  • Tom’s relaxed about the losses and thinks that revenue will grow ten-fold this year
  • The journo notes that Monzo is unusually transparent for a tech start-up - Tom thinks that transparency is an alternative to advertising - or branches! (“as a new bank we need to build trust with our users, and we don’t have the money for a big branch network or TV advertising, so we do it by being transparent”)
  • Passion Capital’s Eileen Burbidge calls Tom “off-the-charts-bright and exceptionally talented”
  • We have the usual biographical history (born in Hong Kong, studied law, management consulting, Go-Cardless…)
  • He’s still using the “control centre” analogy - even though the mission has moved away from it.
  • He’s challenged over a notional 900% APR for the overdraft - but says that that is only possible if you’re only overdrawn by £20 for a year without any income. Restates that fixed fees are more helpful to customers and that it’s cheaper than a lot of banks (Barclays is 75p/day, for example).

Then there’s some stuff that’s interesting and new, at least to me:

  • On leaving Starling “he led a revolt of 13 Starling staff” and says “there were differences of opinion” - which I think is the most we’ve heard (even though it’s what I think we’ve all assumed).
  • His pay is £120,000 (“I’ve just got a pay rise!”)
  • He tries not to be in the office before 10am and to leave by 7pm.

Et voila. There you have it. I’ve tried to avoid commenting as I go, so I’ll post some of my own thoughts below a bit later!


Apparently one can register to read 2 free articles per week, but it’s not working :disappointed:

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Can’t wait for @Rat_au_van to get to the 7th word of the title.


That was my first thought too.


Oh ffs!


I feel so happy to be in the 25% that are over 40 :clap: :clap:


Does that make us cool and edgy? Down with the kids? :rofl:

I want to see how long it takes for @Rat_au_van to make an official complaint…


Does official complaint include a loud expletive filled rant? Because that’s done already


With £120k he could do with some shoes with better grip! He’ll be sliding all over come winter.


This link should work for everyone (as a subscriber I can send a token which allows access)



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All the talk is millennials, however were already onto GenX

Isn’t Gen X the generation before millennials (Gen Y)? Aren’t we onto Z now - and wondering what comes next?


People? What’s wrong with just saying people?


Everyone has to be put in a box … don’t ya know


Here are the definitions!

Click the down arrow on the quote for more clear definitions of Generation Y (Millennial’s), Generation X and Generation Z.

I love that thread. What started as a throwaway comment by @Rat_au_van in another thread made it as the most random opening statement in a brand new conversation. :joy:


I missed this from my summary - thanks to KieranW on Slack for spotting it:

It is planning to launch interest-bearing savings accounts with another minnow bank later this month.

:raised_hands: :soon:


Great read thanks for sharing!

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