That link seems to be dead for me unfortunately - expired?
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Sorry! I’ve just edited the link - hopefully it works now.
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Monzo now has over five million customers, 55% of whom are active weekly. Of those that are active, over 40% are using Monzo as their main account with this number steadily increasing in each customer cohort
Good figures
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I think that’s something that’s down to Monzo to establish. I think there’s scope for it, and I’d love to see their take.
Note I didn’t claim such a suggestion had been made. It’s a turn of phrase that underpins my point why branching out beyond spending could be a good thing for the competitiveness of the industry.
Absolutely, and they arguably do a fair good job at it, for the most part. Some still feel a little archaic, and not very user friendly. Freetrade is my favourite among them.
The issue with these is that they’re specialised. An app for a single core component. There are pros and cons to that. Focusing on the one thing can afford the opportunity to execute that one thing better than a Jack of all trades could. But even these apps I find get too distracted with gimmicks at times that the core product isn’t as good as it really should be, and there’s certainly scope for Monzo to do better.
The biggest hurdle these specialised apps face to make their product inclusive and open to all is the fact they’re a specialised app, and not built into the one financial product that is all but a necessity. People are rightly cautious and anxious, even when it comes to banks like Marcus which have Martin Lewis’s endorsement. It’s a big hurdle, getting someone to download another app separate from their bank and trust you with their money.
The Monzo plus argument fits here. It’s been debated at length that you can get most plus features for free elsewhere, with various other providers. The counter being that you can’t get them in a complete package for free. The package is the value to me, and I feel the same way about other financial products.
If Monzo were to launch an instant access saver that worked exactly the same way as Atom’s, for instance, with a competitive rate. I’d never use Atom or Marcus again. And because this would already exist inside Monzo, those who were weary of getting a savings account with Atom or Marcus suddenly have an inclusive, accessible option right there in the app they already have.
I don’t agree with any of this, but that’s for another thread, or perhaps a private discussion to ensure civility! I have a very deep passive interest in crypto and it’s future potential, though I’m not the most knowledgeable on the topic because I’ve not read up on it, but quite clearly neither, according to my friend, have the religious (as you put it) folk on Internet forums.
I think we’ve discussed this before. I’m in two minds. I’d love to have those external apps I use integrated into Monzo somehow. On the other hand, I wouldn’t mind having fewer apps on my phone, and fewer accounts, to an extent (don’t put all your eggs in one basket). I think there’s something about the idea of a complete in house platform that I find really attractive, especially one that is aligned to values like Monzo’s!
I’m indifferent, but I think (in the longer term at least), you’re on the losing side of that battle. There’s too much of a momentum now, both from consumer interest, and corporate R&D from companies like Apple and Google. Once apps like Cash and PayPal hopped onto the train, it really cemented that fact for me.
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Some quick maths:
Current customer numbers: 5,780,000
Active weekly (55%) = 3,179,000
Main accounts (40% of 55%) = 1,271,600
Not too shabby.
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The thing is, it says of those who are active, so do they mean those who are weekly active or of all active users?
Could be read either way
Based on figures from the past, I’d assume it’ll be those weekly actives. But that also depends on how they’re defining active. Tech companies typically define active users differently than a bank would, and Monzo are both, and could define it either way, given how we interact with them.
Logically you’d think if Monzo were someone’s main account, they’d be a weekly active user.
Not necessarily. It used to be how often people interacted with the app. If all your bills are direct debit then you don’t need to open the app that often really
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Yep, this is how a tech company would define it. Other banks, for instance, go with payments or transactions.
My numbers work out differently, Dan:
Assuming you are correct that the old number of shares was 161,801,395.
Then we have an investment of £500M / £14.4125 price per share => 34,692,108 newly issued shares.
New total number of shares = 161,801,395 + 34,692,108 =196,493,503 shares
So, that’s much less than the new total 235,906,331 number of shares you calcualted. Where did you get your number from?
There might have been options involved, allowing to buy in at a way lower price and this making the average lower? Reading the calculations, a large number of exercised options combined with newly issued shares at £14 might make that average work (but I’m not at all an expert in all this).
Options issued a couple of years ago probably allow for a pretty low buy price.
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It was $500M, but your calcs remain correct.
Sorry, I should have explained myself better.
If the post-money valuation is £3.4bn, and the share price is £14.4125, then you can assume there are 235,906,331 shares. (Assuming all shares are worth the same amount, which as far as I’m aware they are, as they carry the same voting, preemption and drag along clauses (as well as other clauses))
£3,400,000,000 / £14.4125 = 235,906,331
For sure my original calculation doesn’t include the current option pool, which is often topped up (when raising money, as a condition of the raise) to around 10% of the current shares outstanding.
In that case, you could assume the total shares minus options is 212,315,698 shares.
Previous share amount = 161,801,395
So now the difference is 50,514,303 shares, 50,514,303 * £14.4125 = £728m (~$960m) which is closer but still a lot more than the $500m raised
It could be the option pool has the other $460m worth of shares in addition to 10%? Who knows! 
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That’s definitely a possibility, the amount raised from institutional investors could be say $450m and employees $50m (but with strike prices very low like £1.01, £0.50 etc) filling the cap table up.
Chase two rabbits, catch none.
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Best close down Flex, Plus and Premium.
(Seriously, under this model they’d be different companies. Think Starling banking rails and Monzo app).
The Neptune?!
Let’s make Monzo the banking metaverse! 
Is this the remaining $20m ?