20 April 2018
Visit http://response.ncr.com

Monzo fends off suitors as current account upgrade begins

10 October 2017  |  12438 views  |  0 Mondo

With big tech firms and banks lining up at its door to talk about a potential acquisition, digital challenger Monzo is pressing ahead with the opening of its current account service, inviting all existing users of its pre-paid card to upgrade and opening a waiting list for new applicants.

The UK startup says the account has been tested with 18,000 users and the switchover for existing customers will take place over the next eight weeks.

Monzo customers will have to agree to new terms and conditions and wait in line for a new debit card which, once activated, will automatically move account data and balance from the prepaid card to the current account.

Monzo claims to have attracted 450,000 signups for its prepaid card, blowing past its early expectations. The app-only startup says it is being been regularly approached by big tech companies and banks interested in engaging in "big money" take over talks.

Speaking on City AM's Unregulated Podcast, Monzo chief Tom Bloomfield says: “Those kinds of acquisitions never really go well… They always say, ‘we’ll help you... realise your potential much much faster’.

“And it’s like, well yes. Or you’ll stick us in a basement and we’ll rot away and die because frankly you don’t really want to disrupt your own business models that much. Certainly not as much as we do. So let’s see you in 10 year’s time.”

Talking about Monzo's well-publicised technical problems in recent months - from loss of service from a third party processor to running out of card stocks following a supplier mixup - Bloomfield says the bank's frankness and transparency in explaining the problems to users has piqued the interest of prospective customers.

“The press we got [after its 12-hour outage over the summer] was phenomenal,” he says. “Newspapers wrote about how we’d handled it and actually built trust and transparency. We had one of our biggest days of sign-ups the next day.”ssues.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Monzo tests in-app energy provider switching feature

Monzo tests in-app energy provider switching feature

25 September 2017  |  8539 views  |  0 comments | 8 tweets | 14 linkedin
Monzo launches poll on overseas ATM fee levels

Monzo launches poll on overseas ATM fee levels

13 September 2017  |  9966 views  |  0 comments | 10 tweets | 8 linkedin
Monzo appoints Curve co-founder Foster-Carter COO

Monzo appoints Curve co-founder Foster-Carter COO

11 August 2017  |  11871 views  |  2 comments | 1 tweets | 4 linkedin
Monzo treads cautiously as first current accounts come onstream

Monzo treads cautiously as first current accounts come onstream

17 July 2017  |  7551 views  |  0 comments | 4 tweets | 4 linkedin
Monzo disables card features as services go awry

Monzo disables card features as services go awry

06 July 2017  |  20242 views  |  5 comments | 10 tweets | 19 linkedin
Monzo pays a high price for popularity as losses widen to £6.7 million

Monzo pays a high price for popularity as losses widen to £6.7 million

05 July 2017  |  21033 views  |  7 comments | 21 tweets | 17 linkedin
Monzo may have to freeze some accounts under new money laundering rules

Monzo may have to freeze some accounts under new money laundering rules

13 June 2017  |  13650 views  |  7 comments | 9 tweets | 10 linkedin
Monzo puts API development on the back burner

Monzo puts API development on the back burner

12 May 2017  |  12763 views  |  0 comments | 25 tweets | 20 linkedin
Monzo opens doors to community collaboration

Monzo opens doors to community collaboration

28 April 2017  |  9057 views  |  0 comments | 10 tweets | 6 linkedin
Monzo gears up for current accounts after receiving full banking license

Monzo gears up for current accounts after receiving full banking license

05 April 2017  |  9156 views  |  1 comments | 14 tweets | 21 linkedin
Monzo attracts largest-ever crowd for £2.5 million round

Monzo attracts largest-ever crowd for £2.5 million round

29 March 2017  |  7194 views  |  0 comments | 6 tweets | 8 linkedin
Monzo faces second tech issue in a week

Monzo faces second tech issue in a week

08 March 2017  |  7307 views  |  5 comments | 9 tweets | 9 linkedin
Monzo to move card processing inhouse following outage

Monzo to move card processing inhouse following outage

06 March 2017  |  12040 views  |  0 comments | 15 tweets | 16 linkedin
Monzo blows past £2.5 million crowdfunding target

Monzo blows past £2.5 million crowdfunding target

28 February 2017  |  8380 views  |  0 comments | 6 tweets | 5 linkedin
Monzo draws £19.5 million funding; returns to Crowdcube for further £2.5 million

Monzo draws £19.5 million funding; returns to Crowdcube for further £2.5 million

23 February 2017  |  7134 views  |  0 comments | 8 tweets | 3 linkedin
Monzo raises £4.8m

Monzo raises £4.8m

21 October 2016  |  13194 views  |  0 comments
Mondo becomes Monzo

Mondo becomes Monzo

25 August 2016  |  15687 views  |  2 comments | 14 tweets | 9 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit http://wup.digitalVisit http://go.jumio.com/finextraAdhttps://www.capgemini.com

Top topics

Most viewed Most shared
Competing in an increasingly competitive spaceCompeting in an increasingly competitive s...
10753 views comments | 1 tweets | 2 linkedin
Revolut launches spare change savings toolRevolut launches spare change savings tool
9325 views comments | 14 tweets | 19 linkedin
Westpac and CommBank hit back at Aus Open Banking plansWestpac and CommBank hit back at Aus Open...
8533 views comments | 9 tweets | 8 linkedin
Barclays Bank sets up tech venture unitBarclays Bank sets up tech venture unit
8086 views comments | 16 tweets | 22 linkedin

Featured job

Basic c. EUR 90K OTE c. EUR 180K plus full bene...
Paris (preferred) or London

Find your next job