Y Combinator invests in Monzo through its Continuity Fund

https://www.cnbc.com/2019/06/24/monzo-doubles-valuation-to-2point5-billion-with-y-combinator-led-funding.html

by satchet • 7 years ago

135 169 7 years ago

I had assumed that Monzo would sell to one of the big banks that forgot (or couldn’t be bothered) to make their consumer experience better. But this feels more like they could publicly trade at some point, although they might need to make a profit sooner than in 10 years’ time.

loriverkutya• 7 years ago

They always stated, they have no intention to be sold to a big bank.

frenchman99• 7 years ago

Intentions can change.

dazc3• 7 years ago

Where've we heard that before?

unfunco• 7 years ago

https://blog.whatsapp.com/245/Why-we-dont-sell-ads

https://www.techradar.com/uk/news/whatsapp-ads-to-appear-in-...

benj1119• 7 years ago

What's it's plan for making money.

As I understood it current (checking) accounts don't really make any money, they're just used as loss leaders to lure in customers.

munchor• 7 years ago

I believe their plan revolves around lending money and then charging interest on that (like typical banks). They already support overdrafts[1] on their app.

[1] https://monzo.com/features/overdrafts/

benj1119• 7 years ago

Right, but every other bank offers overdrafts and still don't make much money from current accounts.

Additionally new regulations are coming in (in the UK) banning you from charging a daily overdraft charge [1], torpedoing it's one source of income, which doesn't jive with it's doubling in value in less than a year.

[1] https://www.bbc.co.uk/news/business-48553193

iamnotacrook2• 7 years ago

Having millions of people lend you billions of pounds you can invest/trade short term is the sort of loss I want to get into!

benj1119• 7 years ago

Yes, just like Lehman Brothers / Northern Rock.

NeedMoreTea2• 7 years ago

You want to be the next Nick Leeson then? (He who took down Barings)

lol7683• 7 years ago

Overdrafts, interchange, reasonable fees (Monzo Plus, business accounts), commission (marketplace: savings accounts, insurance etc).

benj1119• 7 years ago

I don't believe it offers most of those services, overdrafts in the UK are being restricted so be much less profitable [1], I believe one of its sell points is no commission on foreign currency, so no money there.

So are they planning on launching (their own) savings, or insurance?

[1] https://www.bbc.co.uk/news/business-48553193

greysteil• 7 years ago

They're a bank. Banks have been profitable for hundreds of years. It's not the business model that's being innovated here, it's the execution.

raesene9• 7 years ago

yeah the question is though, can retail banking be profitable enough to satisfy VC like return levels...

Retail banking whilst profitable (if done right) isn't wildly profitable, so the only way to rapidly ramp overall profits is to expand the customer base very rapidly, which is difficult as each new market you enter has different regulatory setups which require time/money to adapt to.

Also customers (even in countries with good bank transfer laws) are not that mobile in their banking requirements (in many cases), so growing quickly enough can be tricky.

EnderMB• 7 years ago

Alongside the other posts, they also offer basic ISA's, albeit rebranded through another company. I imagine they take a small cut or affiliate fee through this, though.

yRetsyM2• 7 years ago

They have a number of money making initiatives. As the see themselves as the "hub"[1] for your finances the biggest opportunities I think are probably outside of core lending functions.

- Partnership/Affiliate revenue by way of their "marketplace" initiatives. They get a cut of recommending services for customers. Recent examples include new utility (electricity) providers. [2] Also interest/savings accounts. [3]

- Monzo Plus - "premium" banking features such as virtual cards, metal cards, access to a curated "cheaper" market place [4]

- Monzo Business - business banking, initially focused on small - medium sized business with invoicing, payment and tax management built in [5]

- core lending as other customers have pointed out

[1] https://monzo.com/annual-report/2018/ [2]: https://monzo.com/blog/2017/09/21/testing-energy-partnership... https://monzo.com/blog/2017/11/16/monzo-marketplace/ [3]: https://monzo.com/blog/2018/11/01/savings-pots/ https://monzo.com/blog/2019/05/02/shawbrook-savings-pots/ [4]: https://monzo.com/plus/ [5]: https://monzo.com/business/ https://monzo.com/blog/2019/06/24/business-banking-update/

Timucin• 7 years ago

Apart from lending, they are also making the business accounts available for everyone bit by bit. There will be monthly fees for the business and plus accounts.

There are tons of product they can come up with, like insurance, mortgage etc. So making money won’t be a problem with this growth rate I believe.

Monzo also have more customers than banks like Metro, which was older and more invested than Monzo at the time.

jhuckestein• 7 years ago

hey, i work at monzo

we're currently making money from interest charged on loans that we make to our customers, from interest that the central bank pays us on our deposits, as well as from interchange that we earn when our cards are used. this is what most banks do (except they also make lots of money from fees that we don't have)

there are several other ways we'll make money and we just started experimenting with a few of them. we launched a premium account that charges a monthly fee [1], we operate a savings marketplace in which we earn a commission [2] and we help people switch their bills to a cheaper provider if they are currently overpaying [3]

we release our financial statements every year and new ones are coming out soon. feel free to have a dig then :)

[1] https://monzo.com/plus

[2] https://monzo.com/features/savings/

[3] https://monzo.com/blog/2019/05/08/switch-energy-supplier-thr...

benj1119• 7 years ago

Thanks for your reply.

Are your financial reports a legal requirement or part of a more open business approach.

Anyway its good that you feel you're earning 'enough' money from your current activities.

morrbo• 7 years ago

Any plans to be able to hold money in a different currency like the Forex features of revolut?

On another note, I love monzo and do use it, and don't want to offend but I just had a look at the monzo plus offering and it's a bit crap. A different colour card and (later this year, and not specified) interest on your account?

RickS• 7 years ago

I'm very hopeful for Monzo, with some caveats.

They have a lot of fascinating and useful DNA having gotten started in the UK before the US. The UK's regulatory environment for digital banking is leagues ahead of America's, w/r/t data access, APIs, etc. If they can persist UK style data features through their American rollout, they'll have something no other American bank currently offers.

While my strong suspicion is that the UK's push for digitization / interoperability in the financial sector stems from Orwellian nanny-state ambitions that would be right at home in China's playbook, it would be fantastic if we could somehow manage to empower customers with access to their own information without similarly empowering data-thirsty governments to surveil and oppress.

The scary parts are probably going make headway regardless, so cheers to the silver lining in the interim.

NeedMoreTea2• 7 years ago

I thought the open banking and connectivity drive came from Europe's Payment Services Directives, and was EU wide.

randomvectors5• 7 years ago

This is where they actually bring value right? - Delivering a good banking product outside of the UK.

Because as a UK customer I see no reason to switch after trying Monzo for a couple of months.

Positives:

- a nicer mobile banking app

Negatives:

- no credit cards and no option to top up using a credit card from another bank

- no physical branches

Everything else is comparable to most other banks in the UK. Which isn't bad, just nothing worth switching banks for.

Folcon• 7 years ago

I wouldn't undervalue the effect of getting a notification every time your account gets used with additional details and the trivial ability to look back over past transactions whenever you want.

I'm constantly surprised by how useful the app is.

shawabawa33• 7 years ago

- no physical branches

Massive positive for me. I've never had a good experience going to a physical bank branch (if they're ever even open), and now I'll never have to go again

maccard5• 7 years ago

no option to top up using a credit card from another bank

Can you top up your HSBC account with a credit card from another bank? A Monzo account is just another bank account.

no physical branches

Is this really a con? Last time I visited a branch (Nationwide), I was told to just go online and fill in the forms. Monzo let you deposit cash and cheques at the post office - my post office has better opening hours, shorter queues, and there are more of them than branches of my specific bank.

Liquid_Fire• 7 years ago

For me the killer feature is foreign currency transactions with no fees at the MasterCard exchange rate, both online and abroad. My "traditional" bank charges me a flat fee and a percentage for any transactions in other currencies.

dazc3• 7 years ago

I agree, Monzo is great for small transactions and travelling but I'm not rushing to switch from Barclays as my main bank.

dastx• 7 years ago

For credit cards, check Tandem Bank. Worked there until a couple of weeks ago, they do several credit cards including one with 0.5% cashback on all transactions. Plus the usual no fx fees etc.

kingosticks• 7 years ago

I think calling the app nicer is an understatement. It's lightyears ahead of other banks.

The use abroad is fantastic and it's the reason I originally got their prepaid card. Some UK banks do offer a similar service with no fee and/or low exchange rate, I think Nationwide's clarity card is one but that's a credit card so withdrawing cash is costly (IIRC).

I also like Monzo's saving pots idea but since they apparently can't provide any proper financial statements to go along with them they are pretty useless to me. I really don't understand how that is supposed to work if you need to complete a tax return.

My local bank branch closed down last month. And to be honest it was a frustrating experience of queueing up to talk to someone who sometimes knew less than what I read from the website.

So, considering how trivial it is to switch current account in the UK, I'm looking at it from the other angle - why would I stay with my current old-school bank?

nmca• 7 years ago

Customer support. It's absolutely light years ahead of HSBC etc

rdlou• 7 years ago

For me, having no physical branches has been ace. When I was with barclays, I could call them up, spend 45 minutes on the phone to someone, only to be told I have to go to a branch to get a statement (or something stupid like that). I'd then walk to a branch, stand in line for 20 minutes, to be told they can't do that at that branch and I'd have to ring up some other number. That sort of thing happened regularly enough (probably twice in my last year) to make me lose trust in the competance of the people I was speaking to.

Monzo having 1 point of contact means they can't push you off onto someone else/a branch/a different phone number etc. And every time I've used the help chat on there I've had me issues resolved rapidly.

When I was in mexico, a restaurants card machine said a payment didn't go through, but my monzo app said it did. So i kept the receipt and did the transaction again. This time their card machine said it worked. I kept the receipt for a week in case the £60 showed back up in my account but it didn't. Within 2 minutes on the chat with monzo, £60 was just put back into my account. No fuss. I guarantee you couldn't pick up a phone/go to a branch with a standard bank and get the money back that quickly

IshKebab• 7 years ago

I've opened a joint account with Monzo and with 1st direct. Guess which one took an hour on the phone and which one took 10 seconds in an app.

I've switched all my banking to them. So much better than high street banks and I haven't had to talk to a single person.

lordnacho4• 7 years ago

The UK bank space could do with some fresh players. Currently I'm looking for a new bank for my business, because:

1) I need to have foreign currency accounts. My bank has them, but I'm unable to see the accounts when I log in. They've known about this for 4 months now, and I keep getting sent in circles by the Indian call centre. They've sent me to branch twice, with no coordination, the people in the branch can't help me either.

2) I need to have an end-of-year statement for my taxes. It seems someone messed up the SQL or something, because I have statements for every month, except the end of the year. They haven't fixed this either.

So I've started looking around for other banks, but most of the challenger banks don't do multi currency accounts.

I'm in the market for a new personal account as well. Revolut works just fine technically, but I don't like what's being said about them and I'd rather not support them now.

It would be nice to have business and personal together, but that seems hard to find among the challenger banks, since they seem to not do FX. (I've emailed several over the past week.)

Lastly TransferWise does Borderless, which seems like exactly what I need, but it seems to not be a real bank account. Certain online businesses require withdrawals to be to someone (or a business) whose name matches what they have as their account details, and that doesn't work with their scheme.

Scirra_Tom3• 7 years ago

We use Barclays and have EUR and USD accounts with them which we can see online and make transfers/payments online with. Allows us to have a USD Amex, and do a lot of our Forex with Transferwise. Saved tens of thousands over the years on Forex with this method, and expensing some of our USD infrastructure costs on Amex helps as well.

Last pain point for us is getting a USD account in USA so we can cashout Paypal USD balances. Found companies that promise ability to do this but after wasting lots of time turns out they can't.

martinald3• 7 years ago

Transferwise can give you a US ACH account with a USD balance which you can then convert and send. Not sure if that helps?

lordnacho4• 7 years ago

I use Barclays. I have a USD account that I can't see, but all the operators can see. Really quite frustrating.

tim333• 7 years ago

I use TransferWise and they seem to me to be a real bank account. People use my name and the local bank details for the country you choose. (I've used UK, Ausi and NZ accounts).

I'm not sure they do company accounts though.

gabrielizaias2• 7 years ago

They do: https://transferwise.com/gb/business/

dunk0102• 7 years ago

FWIW Monzo are in the process of rolling out business accounts at the moment - I received an email about it from them yesterday.

gabrielizaias2• 7 years ago

You mention TrasnferWise Borderless, but have you seen their Business account? https://transferwise.com/gb/business/

lordnacho4• 7 years ago

Yeah I've got that. Your payment details are not towards something in your company's name though.

SpeakMouthWords• 7 years ago

Incidentally what doesn't Monese (https://monese.com/business) have that you need? Is it the end-of-year statement?

lordnacho4• 7 years ago

I guess they need to spend more money on SEO. Looks good at first glance.

syx2• 7 years ago

I just found out about Monzo yesterday when I read an article regarding poor quality of Revolut customer service [1]. This banking app looks very promising, I would really like to try it but I'm in Dublin Ireland and here Revolut is basically the de facto of banking apps. How will they deal with this sort of competition?

[1] https://news.ycombinator.com/item?id=20261823

dunk0102• 7 years ago

That's a terrifying story in that link :-|

syx2• 7 years ago

I know that's why I'm currently looking for a better alternative, but if no one uses Monzo here, I don't really see a reason to switch.

dazbradbury2• 7 years ago

Big congrats to Monzo, and I can't wait to see what their marketplace looks like when it's finally fleshed out.

What's the state of account switching in the US? I'd have thought a big part of Monzo's strength in the UK is the mandated account switching service:

https://www.currentaccountswitch.co.uk/

Is there an equivalent system in the US to reduce the friction of switching banks?

obeattie• 7 years ago

I don't think an equivalent of the Current Account Switch Service exists in the US, which is a shame.

But I don't think this is crucial. We had around 5,500 switches via the Current Account Switch Service in May, but added around 200,000 new customers.

dazbradbury2• 7 years ago

Oh wow - I thought the current account numbers were driven far more by switching. Presumably it impacts the % where salary is being paid in? But at those numbers maybe it's irrelevant!

Great job again, and as I say, can't wait for the fully fleshed out marketplace.

silasdavis• 7 years ago

It's unfortunate that the fully automated service requires you to close your the source account completely when switching. I was about to push the button on getting my salary paid into my monzo account but a diversity of current accounts has its uses.

I think the justification for only providing switch and close was that it was the only way to reliably avoid double payments IIRC. Personally I would have taken that risk and resolved them manually if necessary.

krn13• 7 years ago

I wish Monzo was available in continental Europe as an alternative to Revolut before expanding to the US.

As a product, I find Revolut to be much better thought-out offering for both, private customers[1] and businesses[2], but as a company I trust Monzo a way more.

[1] https://www.revolut.com/our-pricing-plans

[2] https://www.revolut.com/business-accounts-made-easy

yRetsyM2• 7 years ago

Another victim of Brexit uncertainty, as I understand it - because of uncertainty of best approach post Brexit they paused continental Europe plans.

krn13• 7 years ago

They could have just got a banking license in Ireland. I believe they still need to apply for one in the US.

At least in terms of the population, the EU market is 60% larger than the US, and Europeans are already used to paying for everything with debit cards.

Also, in many EU countries people rarely do chargebacks or expect them to succeed, which makes supporting them much easier.

Dayshine• 7 years ago

They don't have FCSC protection, how is that a better thought-out offering for private customers?

"We can just throw away your money and you have no recourse, trust us with your ~banking~ beyond banking"

krn13• 7 years ago

They don't have FCSC protection, how is that a better thought-out offering for private customers?

Revolut started out as a "prepaid debit card for paying abroad", not as "your main bank acccount", but is closing the gap quickly and should soon switch over its customers to an EU-licensed bank entity.

I find Revolut to be better than Monzo in terms of features and costs, but it's not suitable to be used as the main bank account yet because of the lack of protection.

matthewmacleod6• 7 years ago

Aside from the obvious horror stories circulating about customer service and culture, I don't see Revolut's offering as more compelling at all. They seem to offer all that stuff that I don't want from a retail banking service – "instant access to 5 cryptocurrencies" or "overseas medical insurance" or "LoungeKey Pass access" are just distracting noise. Each to their own of course, but the thing that really attracted me to Monzo was the simplicity. I'm already nervous about the introduction of the "plus" offering.

krn13• 7 years ago

Revolut offers lower ATM fees, lower foreign exchange fees, disposable virtual cards for online payments, and up to 1% cashback on all card payments.

secfirstmd2• 7 years ago

Why not try n26?

bildung• 7 years ago

I wouldn't trust N26 (or any of these other move fast and break things banking apps), they have shown that they have zero clues about securing their infrastructure: https://media.ccc.de/v/33c3-7969-shut_up_and_take_my_money

coconut852• 7 years ago

Why not Bunq? It's smaller but good.

Bunq also has an impressively good API. Way more things to do than with Monzo or Revolut.

krn13• 7 years ago

Why not Bunq?

I find Bunq to be pretty unique. The entire product seems to be design by a hacker who loves to think in numbers: "3 beautiful cards of your choice", "25 bunq bank accounts", "10 ATM cash withdrawals per month". Everything is simple and clear, but also a bit overwhelming. I think it's #1 European challenger bank for technically-minded people with no-nonsense attitude, but other mobile-first banks seem to require a bit less mental overhead and are more intuitive to use for an average person.

hakanensari2• 7 years ago

Not to be dismissive, but would these challenger banks (Monzo, Revolut, N26, TransferWise) survive once the regular banks and AmEx stop adding fees on top of foreign-currency charges and withdrawals? I personally don't see any other differentiating factor, and frankly, maintaining multiple cards and having to top up, etc. are a hassle.

prdonahue• 7 years ago

Innovator's Dilemma.. you get hooked on the high margin business and are afraid to disrupt yourself. Don't underestimate institutional inertia.

fnordsensei• 7 years ago

I know for a fact that banks in Sweden are (and have been for a long time) adopting a very defensive position. This includes working hard to convolute legislation and introducing infrastructure that is mandatory to participate in the market, but too complex to implement/abide by for a startup, or too high cost/low value compared to the available market for an established bank.

The purpose, of course, is to keep the banks from central Europe out of Sweden, and that includes N26 et. al. They have very little interest or ability to compete with them, neither in terms of fees nor UX. Fortification and minefields are therefore the best alternatives.

A few years ago, the CEO of a (then) new investment bank famously said that they will be the last bank created in Swedish history, due to the above.

OJFord• 7 years ago

maintaining multiple cards and having to top up, etc. are a hassle.

So don't do that?

I think I still have a 'regular bank' account open, but I don't use it at all. Salary goes into Monzo, and payments go out. It's the only debit card in my wallet and that I use.

hakanensari2• 7 years ago

So don't do that?

I didn't switch wholesale because I'm not fully convinced. I feel these new banks and bank-like offers will for some time search for a right fit and may change or disappear in the next few years.

Also, no-fees-abroad is a great feature, but perhaps not the 10x to spur (my) wholesale adoption.

Maybe I'm just not an early adopter (although I use them abroad, so in a way, I am).

lmm• 7 years ago

Realistically banking is a mature industry and I'd expect the banks to be much of a muchness. But currently the only way to avoid ludicrous charges on foreign currency is to switch to one of the challengers, and then once you've switched why would you switch back unless a "traditional" bank offered something that was not just the same but a substantial improvement?

astannard2• 7 years ago

I do like Monzo, they are one of the few startups I have invested in. I tend to personally use them for my fun money and still use my long time bank for paying the bills and getting my wages etc I transfer my monthly spending money to Monzo and when that runs out the fun stops.

mojuba• 7 years ago

Same here. Something still prevents me from taking Monzo and similar banks seriously and manage my entire income on their accounts, though can't say what it is.

Maybe it's the "you can't possibly trust a bank that's not even profitable" despite all the effort of cutting costs, e.g. no walk-in offices and so on. That, coupled with being "ethical" as a selling point somehow doesn't sound great in the context of banking.

astannard2• 7 years ago

Yes, I think when I feel comfortable that they will stick around I will feel comfortable with putting my wages in.

amsterdam_guilt• 7 years ago

How do you invest in them? Seems like an good bet.

M2Ys4U• 7 years ago

Every now and then they solicit crowdfunding.

You buy a beneficial interest in a fraction of an allotment of shares owned by a crowdfunding platform through the Monzo app.

bleigh0• 7 years ago

Congrats to Tom and the Monzo team. I've had an account since the days of 'Mondo', and the focus on user experience and trust has endured (and if anything maybe increased).

senthilnayagam• 7 years ago

India has its set of branchless digital banks, Paytm is the leader.

India also has other things which is driving digital payment adoption, Aadhar based KYC system, UPI payment interoperability system. Google Pay, PhonePe, Amazon Pay and many other payment apps are now bringing payment to the masses.

and suddenly we realise, India leapfrogged many developed nations in the process

break_the_bank• 7 years ago

Monzo is very heavily used in physical stores in the UK. Paytm doesn't have enough usage in the physical world apart from transferring money to friends. RBI releases bank usage every few month, here is a link to see statistics https://rbi.org.in/Scripts/ATMView.aspx. Monzo is the standard bank account of a lot of millennials.

I could see something like Monzo making it big in India, being an Indian living in the UK.

matthewmacleod6• 7 years ago

I know there's a bit of scepticism about Monzo in particular, but here's the deal from my perspective as a customer and crowdfunder: it's a straightforward banking service, and has a great app (which is where I do basically all banking anyway). That's basically it. Fee-free foreign transactions are a nice positive too, though I'm not that bothered.

Some of the larger banks have begun introducing features to compete – stuff like being able to freeze and re-order cards. So that's good. At the point it was introduced though, the experience was notably better than any other option.

For me as a customer, the main goal of a retail bank is to store my cash, make it accessible, keep it secure, and notify me about transactions – basically, keep out of the way as much as possible. It's good at that, better than any other bank I've used, and I think that simplicity is underrated.

samwhiteUK• 7 years ago

Bingo.

The fact that I can see all my transactions, automatically categorised, in an app that is much prettier, full-featured and simple than the crap that Halifax put out, is brilliant.

Combine that with a simple setup process, never having to interact with humans or call centres, and add tha bility to automatically save, interact with IFTTT etc and you have a very compelling package and I hope they continue to do well

cameronbrown2• 7 years ago

never having to interact with humans or call centres

Many people would argue this is a tech company's biggest flaw.

gamblor956• 7 years ago

It's weird to see the hype for Monzo, since other than a somewhat-nicer UI and data exportability, all of its features have been done before in the US. Some of the features have been around for more than a decade stateside...

It seems everything old is new again. At least with a normal CC I have access to a bank branch so I can talk to a real person if I need to.

hittaruki• 7 years ago

Monzo has a proper API[1] that you can use to get transaction and other info without going through some third company like plaid.com. Obviously better long term solution would be for all banks to agree on a standard API and easy access to it. But given that is not going to happen, this seems like a welcome improvement.

[1] https://docs.monzo.com/#authentication

lprd• 7 years ago

Does Monzo plan to be available in other European countries? I live in France and would love to open an account with them - but you have to maintain a UK address in order to do so.

neillyons• 7 years ago

Monzo are great. For those who are interesting they built most of their backend in Go https://www.youtube.com/watch?v=iRNwLjKeVRE

rchaud2• 7 years ago

The company is one of several so-called challenger banks taking advantage of the growing shift among consumers toward handling their finances on a smartphone.

As opposed to handling their finances on a website, like people have been doing for the past decade? Even the smallest credit unions have apps these days. What is "fintech" about this?

The branchless bank is now making £4 on each customer it signs up to the platform, versus a £15 loss per customer last year, according to a company spokesperson.

Where's the GBP 2.5 billion valuation coming from then? There's not much detail at all in the article. I don't want to default to cynicism, but this seems like a company whose profile fits the current SV hype train, puffing up valuations and eventually taking the company public, all before a single penny of profit has been made.

nicoburns2• 7 years ago

Not sure I agree with this. A huge number of young people I know in the UK have switched to Monzo as their primary bank account. The business model is simple: the same as any other bank. Their competitive advantage is:

1. Having better technical capabilities than traditional banks (they have apps, but they're usually limited and clunky).

2. Not having physical branches, and the associated costs.

rchaud2• 7 years ago

The article was very light on details, so I'd appreciate if could you elaborate on the technical capabilities of the app. I get suspicious when I see comments like:

One reason that led Y Combinator to invest, Hariharan said, “was the traction with which they hit 2 million users in the U.K., with engagement metrics that almost look like a social network.”

It's a bank app. I can't speak for most people, but I don't open my bank app more than a couple of times a month; it's to pay my CC bill, and to make the occasional bank to bank transfer. If I'm spending a lot of time in the app, I'm probably encountering a problem of some kind.

I also can't link "app engagement" with revenue. Banks make money on mortgages, lines of credit and other financial products. I suppose daily logins allow them to advertise this heavily (my bank does it too, and I hate it), but to draw a line from A to B is a bit of a stretch.

antaviana• 7 years ago

I noted that stripe is an investor for this round. Strategic move towards more vertical integration?

dannylandau• 7 years ago

I use Simple (bank) and really like it. Seems like a lot of overlap with Monzo.

Y Combinator invests in Monzo through its Continuity Fund

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