Monzo’s pivot from cool to corporate: ‘freshness is not about gimmicks’

The largest digital bank in England is still synonymous with neon debit cards, widespread use of neon debit cards, emojis and free expenditure. But no longer trying to be cool only; Tries to be the main financial institution.

This landslide is a violent turning point from Fintech, a moderate, steady job that has become a moderate, sustainable business. One with a seater Last week with this editor, although signs This Monzo is preparing to go to the public – with new reports There is something in the work – Monzo CEO TS Anil will not confirm that Monzo is a list of this year. He is in place of building blocks, although it is: profitability, the width of the product and only the required amount.

Numbers help explain the story. Monzo placed his first annual earnings last year. The annual report claimed to be 9.3 million personal account owners and more than 400,000 employees. Also, do not trust exchanges and overdrafts. Credit, subscription and business banking are now meaningful income flows. All this comes after a count Regulation checking and leadership turnoverdevelopments that force the company to force.

Under Anil – Joining Monzo in 2020 and soon a coatoritor Tom Bomfield – Monzo is still in prison. These hot coral cards are definitely for a very young banking customer. This is also disciplined about the growing range of products. Monzo’s customers can now watch and watch existing mortgages of other funds in the Monzo applications, such as BlackRock.

Most Americans can use Monzo in the United States to not hear the brand. The question is that Monzo thinks that Beta customers have started six years ago. Of course, it seemed to be fair to ask Monzo to penetrate the US market for anilin.

In the time of the Sit-the time, Anil claimed that it was not. He noted that in one of the five adults in the UK, now banks with Monzo – In other words, Monzo has a market share that allows you to win in their yard. (According to Anil, Monzo added 300,000 new users in April.)

When asked about us about the scene of expansion and competition, anil lowered the problem. “I think there are several universal truths applied,” he said. “Most people feel anxious about their money and this concern is rich.

During our talks, we also discussed that Monzo himself was not known as a legacy player in the future. After all, the company is now 10 years old and the AI ​​changes everything. We wanted to know whether Monzo is concerned about the rise of AI-native banks.

“No, we are not a legacy player,” said Anil. “We continue to operate on the edge of bleeding technology.” What would be worried, if he continues, if he is in terms of accepting new technology or at least an interest in me, this is the opposite of this company. “

As for the IPO reported to be in the works, he said, “To tell someone in the media.”

If you are interested in more information, however keeps Monzo marketing, how to use AI and manage the admission of new techniques and follow our full conversation.