Monzo now has 3 million customers

IvanDP

:beer::beer::beer:

Kudos to any start up that can generate that sort of business in such a short time.
(I'm customer No 2,658,974:rotfl:)

What are the forum's thoughts?

https://monzo.com/blog/2019/09/16/three-million

[Deleted User]

What small time are we talking?

They were founded 4 years ago.

IvanDP

!!! wrote: »

What small time are we talking?

They were founded 4 years ago.

Fair point :cool:
But still pretty good going

pramsay13

And how many customers actually make them money?

I'm a customer but I only have it as a backup for overseas spending when my other two cards fail.

Thrugelmir

pramsay13 wrote: »

And how many customers actually make them money?

You wonder if they'll become a takeover target if they achieve any scale in the fragmented US market.

snowqueen555

Still early days for a bank, they have come a long way in a short amount of time. Profit isn't the most important thing in a company, especially an early one.

Out of the app banks, Monzo is probably the best one I've used.

Thrugelmir

snowqueen555 wrote: »

Still early days for a bank, they have come a long way in a short amount of time. Profit isn't the most important thing in a company, especially an early one.

For banks it is. One only has to look at how Metro Bank is now struggling. Balance sheet strength is all important.

IvanDP

Thrugelmir wrote: »

For banks it is. One only has to look at how Metro Bank is now struggling. Balance sheet strength is all important.

Interesting point, thank you.

On the subject of profitability.......

https://www.altfi.com/article/5556_n26-disregard-for-profit-digital-banking-uber-moment

hollie.weimeraner

I opened an account each for me and my wife and also set up a joint account.

The app is great and has a lot of good features and as snowqueen says it's probably the best around.

On the down side you can't have a joint account without having a sole account!

I tried switching my sole account to Nationwide a couple of weeks ago and the switch was rejected. In order to do the switch I've had to close the joint account which is a bit farcical.

Other than this it's excellent so far.

colsten

I am one of the Monzo customers who just have the account as a backup for travelling. I am more of a Starling person, not least because I have a need a Euro account. If Monzo folded tomorrow, I wouldn't really miss them.

snowqueen555

Thrugelmir wrote: »

For banks it is. One only has to look at how Metro Bank is now struggling. Balance sheet strength is all important.

Not really, profit isn't the most important thing in an early stage business like Monzo. Growth and maintaining traction are more important than short term profits. Any profits are usually spent on growing the business.