Reply With QuoteI think budgeting for basics is more important than having a flutter at this stage
will anyone be investing into Monzo card? they are opening up for crowdfunding tomorrow, interested if anyone is looking to invest.
I think budgeting for basics is more important than having a flutter at this stage
Good luck everybody. Have a good one.
You guys not got WhatsApp!
Lolz:)
Good luck everybody. Have a good one.
seems to me like they couldn't secure any big investors and are falling back on crowd funding .... then again it also could be their 'community' nature/ethic - i smell pizza
Their last Crowdfunding exercise raised £1m in 96 seconds...
This time they're going for £20m and the prospectus says that they've secured this sum in principle from corporate investors, but want to give their customers the first bite of the cherry. Last time I looked, the total raised on this offer was about £12.5m.
They're a bona fide bank these days, not just a prepaid card operator.
How might it work…. What would the reruns look like assuming it goes well?
I have the card and like it…. I may have a little bit to invest too
You're too late - they hit the £20m target today. It took 2 hours and 45 minutes.Originally Posted by Wolfie
Last edited by DMC102; 5th December 2018 at 15:48. Reason: Add link
Desicion made then 😆
They have got big investors - this is actually more marketing and branding than anything else.
I've been in on every round so got early dibs on Monday to invest.
What’s the advantage over a “traditional” bank?
analytics - everything appears in real time in the app. Also the customer service is more highly rated than any other bank by far.
I've invested not because of the bank itself but because I think that someone will simply buy them for their technology stack.
Thanks. I can certainly see the attraction of investing.
Having taken a look at the tech side of things I don't think there's too much of interest for me at the moment in a banking sense but it will be interesting to see how it develops.
I invested a couple of hundred quid.
I've had a Monzo account since day 1 (well, almost... I am member #58336 and they now have >1m customers) and love the simplicity and the fact that they are growing critical mass to enable true disruption of the industry.
They will probably never make any money out of me. I'm unlikely to take advantage of the overdraft facility, or loans when they arrive, so taking a punt on investment seemed like a reasonable thing to do.
Monzo have just ranked top of the UK banks list, too !
https://www.independent.co.uk/news/b...-a8661606.html
A couple of friends have Monzo cards and while out for an evening recently we got talking about them; this was before Monzo announced it was effectively turning those pre-payment cards into a current account. The only realistic advantage we could come up with for pre-payment cards was to limit losses if the card was to be stolen, cloned etc. as it wasn't tied to an account that could be emptied. This advantage has now gone.
The customer service has recently been rated at the top but by one point over long-standing front-runner: First Direct. LINK.
Additionally, everything appears in as near real-time as makes no difference in my banking app. Cash deposited at the Post Office (I live in rural Gloucestershire with the nearest bank being several miles away) this morning showed in my account before I'd walked back to my car.
Last edited by Skier; 6th December 2018 at 12:01.
This. Instant notification on my phone / watch every time I spend on my Monzo card (I've configured it in Google Pay so I don't use the physical card very often) is excellent. As is using the card online... you can request a notification every time you use the card and force a fingerprint scan / PIN entry on your phone if the card is used for online transactions. Easier than VISA Secure.
Bill splitting is automatic. Sending funds to other Monzo account holders is instant. Joint accounts are simple to use.
What's not to like ?
The new challenger banks are pushing forward with technology and innovation. They have been clever with their offerings, especially regarding forex and using foreign currency. They are building scalable capability in the cloud. (Something the big banks are exploring too, but are way behind implementing). The benefit the challenger banks have is no legacy technology or functionality to be maintained, so much easier to push the boundaries.
A big player would likely buy them, though the directive is for banks to become smaller so they are not too big to fail. I can see a non-bank corporate buying them.
I get instant notification on Google Pay for linked credit cards anyway. Also not sure what the advantage is over First Direct other than a slick app interface.
Can you explain what this means please?
Good luck everybody. Have a good one.
That's my theory too... I will hold onto my shares until someone does :)
Probably that their data is with Amazon, Google or Microsoft.
It means using the cloud.
Amazon saw the opportunity of selling its spare computing capacity many moons ago and continued investing in its infrastructure and built a whole new business model with AWS. Other companies have since followed suit by building and providing cloud capability.
The challenger banks and businesses use this to their advantage. They can operate much leaner pay as you play models with low CapEx (Capital Expenditure). Barriers to entry are removed.
Companies using the cloud can design their systems to be elastic and horizontally scalable. i.e. it is easy to grow and shrink the infrastructure compute needed based on the usage demand on the IT system or website or app. This is cost efficient and means no need for redundant kit sat in a data centre. They also benefit from the resilience provided by geographically seperate data centres in case of disaster (E.g. Amazon has availability zones in Ireland and Holland and many other locations)
Challenger banks can provide the same services for cheaper; or better services for the same cost as their larger competitors. Many are in the growth phase at the moment and are targeting the better services route to differentiate themselves and win customers, particularly in the target demographic (tech savvy 20-somethings who have their earning years in front of them)
It’s a no from me.
Individual stock picking is high risk as it is, never mind an unlisted fintech startup that is losing money like it’s going out of fashion. No thanks.
Last edited by -Ally-; 7th December 2018 at 02:45.
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