Monzo now has 3 million customers

IvanDP
IvanDP Posts: 231 Forumite
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in Budgeting & bank accounts
: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
«1345

Comments

  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    What small time are we talking?

    They were founded 4 years ago.
  • IvanDP
    IvanDP Posts: 231 Forumite
    First Anniversary First Post
    !!! wrote: »
    What small time are we talking?

    They were founded 4 years ago.

    Fair point :cool:
    But still pretty good going :D
  • pramsay13
    pramsay13 Posts: 1,949 Forumite
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    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
    Thrugelmir Posts: 89,546 Forumite
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    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
    snowqueen555 Posts: 1,521 Forumite
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    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
    Thrugelmir Posts: 89,546 Forumite
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    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
    IvanDP Posts: 231 Forumite
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    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
    hollie.weimeraner Posts: 2,147 Forumite
    Name Dropper First Post First Anniversary
    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
    colsten Posts: 17,597 Forumite
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    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
    snowqueen555 Posts: 1,521 Forumite
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    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.
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