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Y Combinator invests in Monzo through its Continuity Fund

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Re: Y Combinator invests in Monzo through its Continuity Fund

#101

Post by [deleted] »

Dayshine wrote: post #54
krn wrote: post #23

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

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"

[deleted]

Re: Y Combinator invests in Monzo through its Continuity Fund

#102

Post by lordnacho »

gabrielizaias wrote: post #95
lordnacho wrote: post #12

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 h…

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

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

Re: Y Combinator invests in Monzo through its Continuity Fund

#103

Post by secfirstmd »

krn wrote: post #23

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

Why not try n26?

Re: Y Combinator invests in Monzo through its Continuity Fund

#104

Post by break_the_bank »

senthilnayagam wrote: post #53

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

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.

Re: Y Combinator invests in Monzo through its Continuity Fund

#105

Post by amsterdam_guilt »

astannard wrote: post #36

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.

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

Re: Y Combinator invests in Monzo through its Continuity Fund

#106

Post by bildung »

secfirstmd wrote: post #103
krn wrote: post #23

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

Why not try n26?

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

Re: Y Combinator invests in Monzo through its Continuity Fund

#107

Post by secfirstmd »

syx wrote: post #61
dunk010 wrote: post #56

Earlier quoted context omitted.

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

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.

Dublin based here also. Agreed on Revolut, they have the best app in my opinion but I just recently signed up to n26 as they are a more solid company.

Re: Y Combinator invests in Monzo through its Continuity Fund

#108

Post by coconut85 »

krn wrote: post #23

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

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.

Re: Y Combinator invests in Monzo through its Continuity Fund

#109

Post by oarsinsync »

kurtisc wrote: post #63
shawabawa3 wrote: post #31

Earlier quoted context omitted.

> - 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

I agree. If a bank has physical branches to fall back on, they can squander the online/phone story. This has happened with another bank I use which has a website with a broken account creation form and phone lines that just die. For most banks, they might as well not have any branches as I can't get to them at a reasonable opening hour and they have no incentive to change that.

> I agree. If a bank has physical branches to fall back on, they can squander the online/phone story

And meanwhile First Direct has a mediocre website and terrible mobile app experience when compared to the likes of Halifax, TSB, RBS, Barclays, all of which are sub-par compared to the likes of Monzo or Starling as far as the app experience goes.

Then again, Monzo and Starling don't have a desktop experience, so good luck if you wan't to do anything more than just looking at a few transactions on the go.

Re: Y Combinator invests in Monzo through its Continuity Fund

#110

Post by shawabawa3 »

benj111 wrote: post #87
shawabawa3 wrote: post #71

Earlier quoted context omitted.

That bans fixed fees - (e.g. you get charged £1 a day when in overdraft) Monzo has never had fixed overdraft fees, and can still charge a daily % interest rate as usual Overdraft fees are also not their "one source of income"

Read the GPs link "A 50p charge every day your account is overdrawn by more than £20, up to a maximum charge of £15.50 a month. No other fees, that’s it". That sounds like a 50p a day fixed fee to me. They can still charge a percentage, but that 50p per day (£15.50/ month)is £186pa on a potentially only £20 overdraft, I don't think they would get away with the equivalent APR. In the context of the conversation, one c…

oh, my bad, I didn't realise Monzo used a fixed fee. I'm glad they have to change that, that's payday-loan level APR for small overdraft balances

I was thinking of Starling's overdraft (similar UK bank) which is 15% APR with no fixed fee

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