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App only bank Monzo raised £1 million in just 96 seconds

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Monzo's crowdfunding is almost three times oversubscribed after less than 24 hours

App-only startup bank Monzo has attracted enough initial interest in its £2.5 million ($3.1 million) crowdfunding campaign to fill it close to three times over, after less than 24 hours of pre-registration.

Founded in 2015, Monzo is aiming to build an app-only bank that is data-centric and designed for mobile. The startup currently has around 100,000 users on its pre-paid cards, linked to its app, and plans to move them over to current accounts later this year after gaining a full banking licence.

 

more here....

 

https://monzo.com/about/

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I've already got a banking app. How the f*** is having less banking options (high street branches) "disruptive" as these idiots would call it? 

Oh but wait, sorry I spoke too soon. Apparently, Monzo uses lots of emojis. I honest to god think that this world we're living in isn't real, it can't be. I'm believing more and more in the theory how life is a computer simulation and things like Monzo are just bugs in the system.

Edited by gibbon

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I much prefer a bitcoin wallet app where I am in complete control of my money, and have the added bonus that nobody can create it at will to devalue my savings.

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It looks very promising and is clearly an amazing idea but I just don't like the name of it.  Just doesn't sound good to me.

They could have called it Ponzo.  Or Monzi?  

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3 hours ago, Bear Hug said:

It looks very promising and is clearly an amazing idea but I just don't like the name of it.  Just doesn't sound good to me.

They could have called it Ponzo.  Or Monzi?  

Well it started off as Mondo if you like that any better, then had to be changed due to already being trade marked I believe. I put in my suggestion of Banky McBankface which I preferred.

I primarily was interested as it provided a loop for Amex cards. You could use a 'Curve' card (linked to your Amex) to charge to the bank account, then use the money to pay off the Amex card again. Voila - easy unlimited membership reward points. This didn't last long unfortunately.

Edited by sideysid
.

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10 hours ago, Bear Hug said:

It looks very promising and is clearly an amazing idea but I just don't like the name of it.  Just doesn't sound good to me.

They could have called it Ponzo.  Or Monzi?  

Reminds me of the ewallet moneybookers who changed their name to skrill as apparently thats the slang that cool kids use to refer to money. Never heard it before...stupid name.

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7 hours ago, sideysid said:
      

Well it started off as Mondo if you like that any better, then had to be changed due to already being trade marked I believe. I put in my suggestion of Banky McBankface which I preferred.

I primarily was interested as it provided a loop for Amex cards. You could use a 'Curve' card (linked to your Amex) to charge to the bank account, then use the money to pay off the Amex card again. Voila - easy unlimited membership reward points. This didn't last long unfortunately.

 

45 minutes ago, regprentice said:

Reminds me of the ewallet moneybookers who changed their name to skrill as apparently thats the slang that cool kids use to refer to money. Never heard it before...stupid name.

Sorry, my 'Ponzi' joke was a bit too subtle.

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Should anyone be surprised with that......all the printing means so much money sloshing around at the top with no home to go to.....a few dregs may trickle down, got to keep printing/manufacturing to maintain some sort of velocity, exchange and to prevent seizure, everything grinding to a halt...drippings from nose, money can still be made from them left with the drippings.;)

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Monzo is a consumer banking app and it's also the best UX I've used by a country mile. 

It tells you everytime someone touches your card, eg for a card check, and immediately you make purchases. 

Usual disclaimers apply - it's a start-up and as such it could go wrong but for general expenditure it craps all over everything else I've used. 

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1 hour ago, miggy said:

Monzo is a consumer banking app and it's also the best UX I've used by a country mile. 

It tells you everytime someone touches your card, eg for a card check, and immediately you make purchases. 

Usual disclaimers apply - it's a start-up and as such it could go wrong but for general expenditure it craps all over everything else I've used. 

Ditto. The cash withdrawal/card rates abroad are ace as well. It's saving me a fortune in fees.

Yes, its limited to a cap each year/month but couple it with a revolut and supercard while travelling the world and they will save you thousands.

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Yea I have used Revolut and really like it, but shame about monthly cap. Even a tightwad frugalist like me spends more than £500 a month!

The Halifax Clarity credit card still takes some beating for overseas use, while helping to maintain some sort of credit profile too for those of us in exile. 

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