Soldato
So if Starling goes pants, who is the next cool kid on the block after Monzo, Starling? Chase?
Monzo/Starling Banking/Revolut
- Thread starter Junglist
- Start date
I like the Chase app. I use Monzo as my main bank but I have savings with chase and I use it for all debit card transactions where Amex isn't accepted.
Like a bit of hyperbole don't we? Employment status, income bracket, job title if I remember right. Not exactly war and peace and far less than I've had to provide to any other banking institution.
Not sure what single mums have to do with anything, been reading the Express again
Permabanned
- Joined
- 9 Aug 2008
- Posts
- 35,711
Nope doesn't help need more info.
Soldato
I was asked to confirm information about my business.
A few banks have been doing this recently especially for those that signed up some time ago. It's just to comply with the KYC checks. Sign people up as fast as possible then worry about proper checks later.
A bit like how Revolut got in trouble for removing some safeguards around KYC/fraud prevention, or Natwest recent £260m fine.
I had it a couple of years ago with Tide (not a bank), and told them to get lost, they should have carried out proper checks at the ab initio.
Soldato
Just a heads up for those with a Chase account. It's now offering £20 for referrals. Once the person you refer opens an account and deposits £20, you both get given £20. This is limited to 20 people so you can make £400 if you maximise it.
That must be driving up their cost per acquisition. I'm not sure what the industry standard is in consumer banking, but in Business banking it's well over £50 a customer now. I certainly can't see Starling and Monzo having the funds to match something like that.
That must be driving up their cost per acquisition. I'm not sure what the industry standard is in consumer banking, but in Business banking it's well over £50 a customer now. I certainly can't see Starling and Monzo having the funds to match something like that.
Associate
I've been with Monzo for a few years and not had any issues however struggling to setup a joint account with my partner and they don't tell you a reason why. So we are having to move over to Starling properly now - I've already got a business account with them and I definitely prefer the Monzo app layout by far so it's a bit naff and I noticed that Chase don't do joint accounts yet.
Weird, we had zero issues getting a joint account with Monzo.
Soldato
Was discussing with the wife yesterday and the gut feeling is that the risk of Starling, Monzo etc going bust over the next year or two is very high indeed.
Man of Honour
Shouldn't be so dodgy
Soldato
I would agree with Monzo, Starling less so. Last time I checked Starling were on sound financial footing unlike Monzo
Soldato
Pure hyerbole with Starling. They had a recent funding injection to suppress competition and Anne Boden seems to have a firm grasp of market conditions.
Monzo on the other hand...
Caporegime
Yea Monzo have been at risk for a while, but Starling are doing well.
Associate
Shouldn't be so dodgy
Ha! They can't see my Whatapps surely
Cool well I've emailed them to check before I move over, might be something wrong with my girlfriend! But Monzon,Starling >>>> High street banks
Soldato
What makes you think this? Starling is profitable and has 7% of the SME market too. It's also planning on going public later this year, and has for some time been warding off take over offers from mainstream banks.
Monzo is running at a loss hence the paid accounts, BNPL, and loans its been pushing, but it isn't really at risk. Pretty much any of the main banks would be happy to take either of them over if they ran into trouble.
I'd say there is more risk of someone like TSB (own by Sabadell), or Virgin exiting the market (not going bust) over either of these two. Especially with the coming recession, and rates predicted to hit 4%. It could end up being 2008 on a smaller scale.
BTW Metro bank has less customers either of them.
Agree with this. Monzo have been going bust for years apparently.
Also up to £85k is FSCS protected so even if they were to go under, just switch when that happens.
Caporegime
Their annual reports state they are 'a going concern', so not exactly great.
Will be interesting to see the 2022 report.
According to the gaskfjdsfjdlsfds they're due to break even this year.
www.theguardian.com
"It has yet to turn a profit, but following in the footsteps of its two closest competitors, Monzo is aiming to break even on a monthly basis later this year as Anil predicts another surge in revenues, up from £79m for the year to February 2021."
Monzo and beyond: How TS Anil put banking in a new light
The fintech startup’s boss always hoped it would make waves, but has only recently realised what his own career has meant to people of colour in banking
www.theguardian.com
"It has yet to turn a profit, but following in the footsteps of its two closest competitors, Monzo is aiming to break even on a monthly basis later this year as Anil predicts another surge in revenues, up from £79m for the year to February 2021."