I noted that stripe is an investor for this round. Strategic move towards more vertical integration?
Y Combinator invests in Monzo through its Continuity Fund
121–130 of 176 posts
Re: Y Combinator invests in Monzo through its Continuity Fund
#122Earlier quoted context omitted.
Revolut offers lower ATM fees, lower foreign exchange fees, disposable virtual cards for online payments, and up to 1% cashback on all card payments.
> and up to 1% cashback on all card payments. No it doesn't
It's a feature for Revolut Metal subscribers[1].
Re: Y Combinator invests in Monzo through its Continuity Fund
#123Earlier quoted context omitted.
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…
> - 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
Taking away the option of doing something is positive?
Re: Y Combinator invests in Monzo through its Continuity Fund
#124Earlier quoted context omitted.
> Is Revolut offering lower but less sustainable costs to attract more customers? Revolut broke even on monthly bases in December 2017[1], and Monzo was still loosing money in April 2019[2]. [1] https://www.reuters.com/article/us-fintech-revolut/fintech-r... [2] https://metro.co.uk/2019/04/08/monzo-set-100m-funding-despit...
Interesting. Maybe Revolut's paid accounts work out well for it or it's able to earn profit from certain services.
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Re: Y Combinator invests in Monzo through its Continuity Fund
#125Earlier quoted context omitted.
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.
> 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…
Lol, true. My girlfriend thought it was "too smart" at first. But now she loves it.
Re: Y Combinator invests in Monzo through its Continuity Fund
#126Earlier quoted context omitted.
> Is Revolut offering lower but less sustainable costs to attract more customers? Revolut broke even on monthly bases in December 2017[1], and Monzo was still loosing money in April 2019[2]. [1] https://www.reuters.com/article/us-fintech-revolut/fintech-r... [2] https://metro.co.uk/2019/04/08/monzo-set-100m-funding-despit...
This is the second post that you've made that isn't true. Revolut is not profitable. It reports an operating loss. What's your reason for such inaccurate information?
> Revolut is not profitable. It reports an operating loss.
It reported an operating loss for 2017, because it stopped losing money on monthly basis only in December 2017.
Re: Y Combinator invests in Monzo through its Continuity Fund
#127Earlier quoted context omitted.
> and up to 1% cashback on all card payments. No it doesn't
It's a feature for Revolut Metal subscribers[1]. [1] https://www.revolut.com/introducing-revolut-metal
It's 0.1% for most uses and it's subject to very vague usage requirements they don't let you read until you sign up, as far as I can tell.
So you need to spend £15k a month to recoup your monthly fee.
Natwrst have more generous cashback for their bill payments scheme alone.
Re: Y Combinator invests in Monzo through its Continuity Fund
#128Earlier quoted context omitted.
Revolut offers lower ATM fees, lower foreign exchange fees, disposable virtual cards for online payments, and up to 1% cashback on all card payments.
The point I was making is that none of those things are very interesting to me – I use a credit card when travelling, don't travel enough for banking to be a constraint, and don't need virtual cards. Also, note that there are already zero ATM fees in the UK, Monzo does £200 of fee-free foreign withdrawals/month in line with the Revolut free account, and cashback is only 1% outside of Europe, if you are paying for the…
Don’t you get hit by international fees when using your credit card abroad? As a regular business traveler living in europe, Revolut has saved me a fortune (I even turn a small profit with the Metal cashback)
Re: Y Combinator invests in Monzo through its Continuity Fund
#129Earlier quoted context omitted.
This is the second post that you've made that isn't true. Revolut is not profitable. It reports an operating loss. What's your reason for such inaccurate information?
> Revolut is not profitable. It reports an operating loss. It reported an operating loss for 2017, because it stopped losing money on monthly basis only in December 2017.
> It reported operating loss for 2017, because it stopped losing money on monthly basis only in December 2017.
What are you talking about? That's gibberish. It lost about £15million in 2017
Re: Y Combinator invests in Monzo through its Continuity Fund
#130Earlier quoted context omitted.
It's a feature for Revolut Metal subscribers[1]. [1] https://www.revolut.com/introducing-revolut-metal
It's 0.1% for most uses and it's subject to very vague usage requirements they don't let you read until you sign up, as far as I can tell. So you need to spend £15k a month to recoup your monthly fee. Natwrst have more generous cashback for their bill payments scheme alone.
I think it's pretty clear to everyone that 1% cashback can only be offered in North America and other markets, as the interchange fees for Visa and Mastercard consumer debit cards are capped at 0.2% of the transaction value in the EU.