Waitlister’s Post

Big news as Monzo Bank posts their first full year of profit! This follows a landmark year of growth with the FinTech #Unicorn gaining 2.3 million new customers in the last year alone and currently totalling over nine million users. Monzo joins ClearBank and Zopa Bank who also saw their first full-year profits this year. Congratulations to everyone involved - a great example of the many successes being celebrated in the #FinTech sector this year! #fintechnews #digitalbanking #fintechinnovation #uktechnews #fintech2024

1.5 years, 17 squad members, 14 Figma Design files, 26 sprints, 43 Figjam workshops, and 8 research projects— that's how immense the journey has been to launch Monzo Bank Business EXPENSE CARDS for small businesses this week! 🚀 This zero-to-one project, alongside features like bulk payments and payment approvals (from other squads in the Business Banking team), has culminated in the launch of our brand new Monzo Business TEAM subscription. 🥳 Inspired by one of my favourite quotes lately from Joshua J. Marine: "Challenges are what make life interesting, and overcoming them is what makes life meaningful." Here are the few challenges from the project that stood out to me: 1. Being thrown into 2 months of Discovery when I first joined Monzo, with no prior finance experience. It was just me + our fantastic researcher and project manager figuring out how we were going to enter the spend management market and identify our customers and their pain points. One of many involving envelopes of physical receipts processed manually... 2. Expanding an app historically designed for personal use to cater to businesses with multiple team members. How do we evolve the business owner's Monzo Business app when our iconic Monzo card at the top of the screen no longer represents just one card? And how does the expense card holder app look like? Every experience designed was in careful consideration of the different stakeholders at play. A strong information architecture was key. 3. Running user research with a niche market, not part of our existing 500k customers, with little data to start with. Now that we’ve launched, the team is thrilled to finally have customer insights to inform future decisions! 4. Collaborating across multiple squads and building different parts of the product owned by other teams. We knocked on many doors, learning about niche topics like financial crime, customer support, card logistics, and even account closure. 5. Adjusting to Monzo’s way of working with long-form written communication and documentation. It took me six months to train one side of my brain to articulate my thoughts clearly while still flexing the creative side to deliver on design. (As demonstrated in this lengthy post!) Thank you to everyone who made this possible: Catherine Hughes Caroline Wilcock Margaret Chidothe Christa Huber Siba Fadda Anastasios Morfopoulos Samuel Branter Nour Saab Heldiney Pereira 🇺🇦 Carl Worricker Lauren Williams Candice Hardman Kushal Babla Jesse Cogswell Juan Francisco Brito Sarah Simpson Amee D. Carmen Agimof Craig Jamieson Igor Khomyanin Izak ☀️ Nel Jake MacGregor Jennie Williams Luke S. Pavel Dotsulenko Max White Rose Tucker Jake Roberts Matt M. Paloma Liniers Villamana This was a massive undertaking, and I can’t wait to celebrate with everyone at Monzo! Then I’m off for a much-needed holiday to celebrate my 30th birthday—on safari, no less! 🐘 I’m incredibly proud of this team and the people who made it happen. #productdesign

Ok, we need to talk... Our Series A funding round is in full swing, and we’re closing in on a monumental milestone: a U.S. IPO by the end of 2024. This isn’t just about raising funds—it’s about building the future of digital banking. At MobiBank®, we’ve been relentlessly working toward redefining what it means to bank in the 21st century. Here’s how we’re shaping the future: 👉 Building a next-gen user ecosystem. 👉 Launching a new website with intuitive UI, clear product displays, and investor-focused transparency. This is your opportunity to invest in a vision that prioritizes smarter, simpler, and more accessible financial solutions for everyone. 🚀 Invest in innovation: Join our Series A round to be part of the digital banking revolution. Learn more here: https://lnkd.in/dQSMzRkX 💬 Have questions or thoughts? Interested in shaping the future of digital banking? Drop them below—we’d love to discuss them with you! The future of banking isn’t coming—it’s already here. Let’s build it together. #MobiBank #FinTech #DigitalBanking #InvestInInnovation

Once again, Monzo Bank is expanding their latest round, securing an additional $190 million, for a total of $610 million! #Monzo, the UK-based neobank, is making waves with its latest funding round, securing an additional $190 million from investors like Hedosophia and CapitalG, bringing its total funding for the year to an impressive $610 million. Led by CEO TS Anil, Monzo has ambitious plans to utilize this investment to develop new products and accelerate its international expansion efforts, particularly targeting the U.S. market. With a valuation of $5.2 billion post-money, Monzo's success highlights the growing demand for digital banking solutions and underscores its position as a leading player in the fintech landscape. Notably, Monzo is set to launch its first pensions product within the next six to nine months, signaling its diversification into new income streams and its commitment to providing comprehensive financial services to its customers. Furthermore, Monzo's expansion plans include penetrating the U.S. market, where it aims to compete with major incumbents by focusing on product quality and customer experience. The article on CNBC in the first comment. Want to stay up to date with the market? Here my newsletter: - Linkedin: https://t.ly/s541W   - Substack: https://lnkd.in/dzfGJzmW

How do you feel about bank fees? 💰 Recently, Monzo announced an increase in their monthly fee for business accounts, from £5 to £9. While £4 might seem like a small amount, this represents an 80% increase—a significant jump for any business, especially smaller ones managing tight budgets. Bank fees, however modest they may seem individually, can quickly add up and eat into profits. For startups and SMEs, every penny saved counts toward reinvestment, growth, or simply staying afloat. That said, I also understand banks need to adjust prices to reflect their costs, services, and value propositions. But where should the line be drawn between sustainability for financial institutions and fairness for businesses? What do you think?🤔 • Do you see these fee increases as a necessary evil? • Or do you feel banks should innovate to keep costs lower and align better with customer expectations? Love to hear your thoughts 💭 #SmallBusiness #BusinessFinance #BankFees #Monzo

Monzo Bank has raised another $190 million as the challenger bank looks to expand its presence internationally — particularly in the U.S. The new round comes just two months after Monzo raised $425 million, meaning the London-based company has now raised north of $610 million in 2024, and $1.5 billion since its inception nine years ago. Do you think that Monzo can make it in the US ? I personally don't think so. What about other international markets ? in Europe in key countries like France or Germany, or Latam like Brazil ? Isn't it too late for them to come there and compete locally with the likes of Revolut, Nubank, N26, who locally took over their market. I don't think Monzo would go internationally while applying for a bank license locally. Are we back in 2018? Again I believe going international is great but assuming you can leverage your costs, level your infrastructure, bring competition and innovation, this is what we did back in 2006 with Fortuneo Bank when we went international. What do you think Efi Pylarinou, Jason Mikula, Marcel van Oost, Bryan Clagett ?

Nu and Monzo Bank represent two different approaches in the neobank space. Nubank is clearly focused on long-term growth, prioritizing user acquisition and revenue generation per user, even if this means a longer profitability horizon. Monzo, on the other hand, seems to be looking for a balance between short-term growth and profitability, with a shorter profitability horizon.   Some conclusions:  Chime must focus on reducing its costs per user and growing its customer base to achieve profitability. Monzo Bank must continue to optimize its model to increase its ARPU and justify a growth in its valuation. Nu has already demonstrated excellent operational efficiency and scalability. Its main challenge will be to maintain this performance as it continues to expand.

A new Monzo Business account is open every 2 minutes! Congrats to the entire business team at Monzo Bank! Check out Jordan Shwide post below and let us know what you think! And as always come work with us! https://lnkd.in/eruz3HuF #monzo #business #banking #smallbusiness

Some of my teams have been doing a lot of work recently on challenger banks, their challenges around growth, and what makes for a scalable customer experience. Reports suggest Monzo is expanding its current fundraising round to £500m. But will this round of fundraising signal a new direction for Monzo? On the one hand, this fundraising round represents an opportunity to continue its market share battle with the UK’s incumbent banks, leaning into its competitive advantage as a user-centric, digital-first bank. It should fuel Monzo’s second attempt at US expansion — a significant boost to those product managers and designers from the UK and US who have been entrusted with Americanising the Monzo proposition 🇺🇸 On the other hand, investors and executives will be wary of an IPO that is almost certainly just around the corner. If the bank prioritises maximising profitability, there is a good chance we could see the app offerings and, significantly, customer experience change dramatically. As Monzo enters this transformative phase, it will be fascinating to see how it balances growth ambitions with the quality of service customers have come to expect. #Monzo #Fintech #DigitalBanking #CustomerExperience

🌱 Start your savings journey with Monzo today! With our Smart Savings tools, you can create personalized savings pots for all your goals—whether it’s a vacation, a new gadget, or that dream house! 🏡✨ How do you plan to save smarter? Let us know in the comments! 👇 #Monzo #SmartSavings #FinancialGoals #MoneyManagement