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Does this make something like Monzo seem trivial? Like it seems like everything Monzo has done as easy to replicate (not to do, im sure a lot of time and effor
by AJRF 8y ago
Does this make something like Monzo seem trivial?
Like it seems like everything Monzo has done as easy to replicate (not to do, im sure a lot of time and effort went into the guys at Stripe making this).
- lachyg 8y ago(I work on Issuing.) Not really. We make it easy for institutions like Monzo to issue and manage cards, but I imagine that's just a fraction of what they've needed to build to run a regulated bank, service their customers, etc etc.
- ljm 8y agoIt's not really the same. Monzo's a bank capitalising somewhat on UK Open Banking legislation[1] and the fact that traditional banks are very slow to move with the times. It's not a SaaS product, they're likely one of if not the first movers in the market. There are competitors (Monese, Tide for business, N26 is coming at some point soon). UK fintech is pretty vibrant. You would hope that Monzo is easy to replicate well because that means you have more modern banks to choose from. [1] https://www.openbanking.org.uk https://www.openbanking.org.uk
- bleigh0 8y agoStripe invested in Monzo's last round I think!