One of the FinTechs I have been following with great interest.
I think their slightly different approach of making accounts "available to those who would normally be excluded from traditional banks" and their dedicated Euro account with its own card do give them an advantage over some of the other players.
The app is simple, giving you just the information you need, and they don’t seem to rely on gimmicks as a selling point.
(apart from the Amazon vouchers, which I have taken advantage of)
As a simple, everyday bank account it seems to have got things right.
I’m sure I read somewhere that Monese are also very close to breaking even or actually making a profit (though I could be wrong)
I am a little biased, but I would like to see them give the likes of Monzo a run for their money, and hopefully this funding will help them on their way.
Now if they could just get themselves a banking licence
Personally, I think they’ve got their priorities right and a licence would have been an unnecessary distraction so far.
Much better to add the licence on top of a solid, established product than go the Monzo way.
A very good point, and one I hadn’t thought about tbh.
I use Monzo as my everyday account, but the only thing keeping me with them is the FSCS protection the banking license gives.
I do sometimes wonder if I’m worrying about nothing, given that there’s only ever a few hundred pounds in there at the most.
A banking licence is a logical step to expansion but would actually cause more problems for operating an open to all normally excluded, regulation for a bank is substantially tighter.
I never need more than a few hundred in a spending account, so FSCS is irrelevant, really.
Note also that Monese have teamed up with Raisin, and those accounts do have protection, which is where it’s needed for virtually everyone anyway - savings.
I feel that Monese may cope better than the likes of Monzo with rapid growth, as their product seems pretty sound, and less complicated.
Seriously considering giving them a try as my everyday spending account, as they really do seem to offer everything I need without all the bells and whistles of the competition.
Just one question for the more knowledgeable members of the forum:
Could you foresee any problems using it everyday as it is still essentially a “prepaid” account?
It’s using prepay technologies which isn’t going anywhere, so the risk isn’t really there, that’s the thing with prepaid the card issuer has to ensure the security of funds.
Thanks for the info
I’ve just googled them and see what you mean.
I have used Revolut as a travel card ever since signing up without any worries about FSCS or it being a prepaid card, so maybe my concerns are unfounded.
You sure about this one?
Avois integration, PayPal integration, …
But compared to the likes of Monzo…