tyres Posted March 3, 2017 Share Posted March 3, 2017 Quote 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/ Quote Link to comment Share on other sites More sharing options...
adamLancs Posted March 3, 2017 Share Posted March 3, 2017 Oh look, a bank set-up by bankers. Why am I not excited? Quote Link to comment Share on other sites More sharing options...
rantnrave Posted March 3, 2017 Share Posted March 3, 2017 Is that how long it takes to apply for funds from the Term Funding Scheme? Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted March 3, 2017 Share Posted March 3, 2017 Heaven help us. Quote Link to comment Share on other sites More sharing options...
gibbon Posted March 3, 2017 Share Posted March 3, 2017 (edited) 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 March 3, 2017 by gibbon Quote Link to comment Share on other sites More sharing options...
doomed Posted March 3, 2017 Share Posted March 3, 2017 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. Quote Link to comment Share on other sites More sharing options...
Bear Hug Posted March 3, 2017 Share Posted March 3, 2017 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? Quote Link to comment Share on other sites More sharing options...
sideysid Posted March 4, 2017 Share Posted March 4, 2017 (edited) 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 March 4, 2017 by sideysid . Quote Link to comment Share on other sites More sharing options...
regprentice Posted March 4, 2017 Share Posted March 4, 2017 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. Quote Link to comment Share on other sites More sharing options...
billybong Posted March 4, 2017 Share Posted March 4, 2017 (edited) Has it got its first bailout and MP directorship sinecure job yet. Edited March 4, 2017 by billybong Quote Link to comment Share on other sites More sharing options...
Bear Hug Posted March 4, 2017 Share Posted March 4, 2017 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. Quote Link to comment Share on other sites More sharing options...
winkie Posted March 4, 2017 Share Posted March 4, 2017 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. Quote Link to comment Share on other sites More sharing options...
Patient London FTB Posted March 4, 2017 Share Posted March 4, 2017 2 hours ago, billybong said: Has it got its first bailout and MP directorship sinecure job yet. Quote Link to comment Share on other sites More sharing options...
miggy Posted March 6, 2017 Share Posted March 6, 2017 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. Quote Link to comment Share on other sites More sharing options...
Chunketh Posted March 6, 2017 Share Posted March 6, 2017 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. Quote Link to comment Share on other sites More sharing options...
ExiledMatty Posted March 6, 2017 Share Posted March 6, 2017 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. Quote Link to comment Share on other sites More sharing options...
Will! Posted December 25, 2019 Share Posted December 25, 2019 According to this video Monzo employs 1500 people. https://www.bbc.co.uk/news/av/business-50788511/monzo-boss-warned-worst-decision-of-your-life 1500 people seems to me like a lot for a software business. Quote Link to comment Share on other sites More sharing options...
reddog Posted December 25, 2019 Share Posted December 25, 2019 3 hours ago, Will! said: According to this video Monzo employs 1500 people. https://www.bbc.co.uk/news/av/business-50788511/monzo-boss-warned-worst-decision-of-your-life 1500 people seems to me like a lot for a software business. Well I think it says it offers full banking services, but I take your point especially as all of the backed end hard work is no doubt done by a payment processor like TSYS. This seems to happen to a lot of software companies including Google and Microsoft. They start off lean and with an incredible profit per employee, then gradually get bloated, and with way more staff than they actually need to create the products for their profitable business divisions. I think in this case the regulatory regime of UK banking might be part of the problem. Quote Link to comment Share on other sites More sharing options...
Si1 Posted December 25, 2019 Share Posted December 25, 2019 3 hours ago, Will! said: According to this video Monzo employs 1500 people. https://www.bbc.co.uk/news/av/business-50788511/monzo-boss-warned-worst-decision-of-your-life 1500 people seems to me like a lot for a software business. I used to work at the HO of a medium/large building society. We didn't do current accounts but did do a decent range of savings and mortgages. For this we had 2000 HO staff and said they'd need another 1000 staff if they were to offer current accounts too. This was a legacy business with legacy diseconomies. So 1500 staff to do what Monzo are doing seems a pretty good deal. Also depends how much of their IT is outsourced. I'd have thought it made a lot of sense to outsource to a decent business software consultancy for a brand new operation like that. But that still only saves a few hundred staff. Quote Link to comment Share on other sites More sharing options...
tyres Posted December 26, 2019 Author Share Posted December 26, 2019 Monzo shares have increased in value by a huge 25x since the first round Quote Link to comment Share on other sites More sharing options...
spyguy Posted December 26, 2019 Share Posted December 26, 2019 12 hours ago, Will! said: According to this video Monzo employs 1500 people. https://www.bbc.co.uk/news/av/business-50788511/monzo-boss-warned-worst-decision-of-your-life 1500 people seems to me like a lot for a software business. Their site claims 'just over 800' https://monzo.com/about/ Id worry about their counting .... Ive no opinion. one way or another on Monzo. Id treat anything claiming to be a unicorn or hippo with a long pole -reference Amigo Loan (scum). However .... for comparison, Id come MetroBank and their all singing, all dancing, shopping centre banking - down 90%. Banks scare me. Banks being trendy andor 'doing new stuff' (c) Northern Rock scare me more. Quote Link to comment Share on other sites More sharing options...
Si1 Posted December 26, 2019 Share Posted December 26, 2019 2 hours ago, spyguy said: Their site claims 'just over 800' https://monzo.com/about/ Id May depend how they count contractors and onsite external consultants. Quote Link to comment Share on other sites More sharing options...
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