It’s been a while since I’ve posted, sorry for the silence! I’ve met some of you in person and chatted with many more of you here about the beginning of business accounts, seeing your credit score in Monzo and Monzo Loans. I’m now working on some projects which directly affect the Monzo current account.
We’ve been working on something for the last six months which I really want to share with you now.
We’ve been working through a pretty difficult problem – a small number of people make up a huge proportion of our costs for taking out cash in the European Economic Area (the EEA, which includes the UK) and getting replacement Monzo cards. To be a sustainable business and ultimately to continue to grow Monzo and support you, we have to manage those costs.
We went through lots of different iterations (which I can’t share in detail I’m afraid folks!), and we’ve finally landed on a solution we think is fair, and which will affect the least amount of people (especially those who rely on Monzo the most), whilst still solving the problem. We really hope you think it’s a reasonable and transparent way of covering these costs too.
Here’s the detail. Me and the team will be around on the forum all day to answer any questions you might have about this!