So, nobody seems to have said it yet, but this is essentially a complete U-turn in Monzo’s strategy. Would someone from Monzo mind commenting on how (and perhaps the reasons why) this came to pass? I am more than a little perplexed. As recently as last year Tom said on his twitter that Monzo were not interested in business banking at all, and the lineage of him saying that goes all the way back to pretty much the beginning. I am pretty sure that in one of the Q&A videos he promoted Tide, too.
So, yeah, what gives? Why the U-turn in strategy here? In @tom’s own words:
the requirements are so dramatically different
What is the upside? Because splitting your focus is definitely a large downside. Are we just copying Starling?