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[alexs (Alex Sherwood)]

@billinghamj

You have to hold capital with the Bank of England to cover any potential missteps. My understanding of this is that the capital requirements increase as you hold more deposits. Therefore, Mondo may have to raise more regulatory capital which could prevent open roll-out.

I’m hopeful that current accounts will be available for all, as soon as :mondo: becomes a ‘full’ bank.

Tom’s said that the next fundraising round will be for the

@tom

£15-£20m we’ll need to open our doors next year as a bank.

and judging by the demand for the last round, I’d hope that Monzo will make it. According to yesterday’s story in the FT, Atom has

• 40,000 potential customers aka users

• 2,000 customers with accounts
• 18m in savings balances

:mondo: has a similar number of users but the overdrafts product won’t be ready in time for the launch of current accounts. So there may be less demand for current accounts, although personally I’d be surprised.

So even if the capital ratio for a bank like Monzo has to be 25%, it looks like there’s plenty of breathing space for the first lot of customers to be given accounts…I’m sure we’ll be some of the first who apply anyway