Monzo founder Blomfield exits as pandemic takes toll

Wellard_Mann

realaledrinker said:

I received 'Banking on IT' by Anne Boden, CEO of Starling,as a Christmas presey (sad I know but an excellent read).  Bloomfield was her No.2, got ideas above his station and left to form Monzo with most of her management team.  His ethics and business practices seem dubious to me so no tears shed here. 

I recently finished the book and enjoyed it as well. Every story has two sides and I’ve only read Ms Boden’s side but, with that caveat, no sympathy here either.

colsten

More gloomy news for Monzo today

"For Monzo, the problems are only slightly different - though not much better. By creating a leading current account product that generates practically no revenue, either from merchant or marketplace fees, its business has become an increasingly expensive charitable cause for the UK market"

https://www.finextra.com/newsarticle/37328/could-monzo-suffer-the-same-fate-as-doomed-australian-challenger-xinja


NOTE: I don't want to create any panic with these articles as Monzo is fully FSCS protected. Nonetheless, anyone who currently relies on Monzo as their only caurrent account might want to get themselves a second current account now, in case they need to find an alternative at short notice. As we have discussed on this forum numerous times over the years, having a back-up current account at a different financial firm is a good idea at best of times.

London7766551

Are the vultures circling?

It is very possible one of the big boys buy Monzo up purely for the technology. 

[Deleted User]

colsten said:

More gloomy news for Monzo today

"For Monzo, the problems are only slightly different - though not much better. By creating a leading current account product that generates practically no revenue, either from merchant or marketplace fees, its business has become an increasingly expensive charitable cause for the UK market"

https://www.finextra.com/newsarticle/37328/could-monzo-suffer-the-same-fate-as-doomed-australian-challenger-xinja


NOTE: I don't want to create any panic with these articles as Monzo is fully FSCS protected. Nonetheless, anyone who currently relies on Monzo as their only caurrent account might want to get themselves a second current account now, in case they need to find an alternative at short notice. As we have discussed on this forum numerous times over the years, having a back-up current account at a different financial firm is a good idea at best of times.

Definitely sound advice not to keep all your eggs in one basket (or bank) but there is zero chance any anything really happening.  It would either be bought by something like hedge fund or rescued by another bank.

WillPS

I currently have my salary paid in to Monzo to get ahold of it a day early (not a dependency thing, just would prefer I get whatever fraction of a penny of interest that could potentially earn by transferring it a day early). 

Probably time to get a request in with work to get this paid in to one of my other accounts.

wiseonesomeofthetime

Why? 

Mine goes into Monzo and I am happy for it to stay there.

At least then I know my Standing Orders go out when I need them to and not Next Working Day.

WillPS

wiseonesomeofthetime said:

Why? 

Mine goes into Monzo and I am happy for it to stay there.

At least then I know my Standing Orders go out when I need them to and not Next Working Day.

I don't have any standing orders from my Monzo account, and I've no problem with the ones I have elsewhere being executed on banking days.

The benefit was only ever pennies (whatever interest I'd be able to get by moving it a day early), and it's now pretty much non-existent. I'll keep the account open for bill splitting purposes, but that's probably it.

London7766551

A lot of people signed up to this company for the bright coloured cards. 

wiseonesomeofthetime

London7766551 said:

A lot of people signed up to this company for the bright coloured cards. 

Never been attracted to signing up for anything by the colour of the card. Only the benefits the card provides.

When I joined Monzo, it was a pre-paid card. I just kept it when they got a banking licence, and now it is my income account as part of a multiple current accounts portfolio.

London7766551

wiseonesomeofthetime said:

London7766551 said:

A lot of people signed up to this company for the bright coloured cards. 

Never been attracted to signing up for anything by the colour of the card. Only the benefits the card provides.

When I joined Monzo, it was a pre-paid card. I just kept it when they got a banking licence, and now it is my income account as part of a multiple current accounts portfolio.

In London they were very popular. People put them within their phone case, very bright orange or red if I remember right.

If we ever get Apple card!