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> Though the only real new Bank in the UK to do well, traction wise would be Metro Bank This probably indicates that you are not in fact as well exposed to ban
by jen20 7y ago
> Though the only real new Bank in the UK to do well, traction wise would be Metro Bank
This probably indicates that you are not in fact as well exposed to bank marketing as you suspect - it's hard to argue that Monzo and Revolut have not done well.
- stuartleigh 7y agoOr starling bank for that matter
- Zenst 7y agoI'm aware of those two at least, but from people I know, not one had them and basing around that aspect of traction - sure that may well not represent the market, but at least I'm aware of them, unlike this N26.
- madeofpalk 7y agoThat's so strange/interesting because pretty much everyone I know in London uses Monzo. Granted, my circle is like "young tech/agency workers in London", but I notice people using it at cafes and stuff all the time.
- Normal_gaussian 7y agoBanking is hard; and growing in Banking is hard. Monzo have only recently started advertising [1]; their word of mouth campaign had people sitting in virtual queues over 100k long. [1] https://www.marketingweek.com/monzo-first-ad-campaign/ https://www.marketingweek.com/monzo-first-ad-campaign/
- samdjstephens 7y agoAccording to a quick search - Monzo had 3 million customers as of Sept ‘19 [1] vs Metro Bank’s 1.7 million in May ‘19 [2]. [1] https://monzo.com/blog/2019/09/16/three-million https://monzo.com/blog/2019/09/16/three-million [2] https://www.metrobankonline.co.uk/about-us/press-releases/news/metro-bank-reports-strong-growth-in-customer-accounts-despite-challenging-quarter/ https://www.metrobankonline.co.uk/about-us/press-releases/ne...
- n4r9 7y agoI live in the London area, have a Revolut account and am aware of Monzo but have never heard of N26. I agree with the above poster that their advertising cannot have been very good.
- Matsta 7y agoWhen they came out in 2018 I remember they advertised heavily for a few months. But since then I have not seen any advertising in the last year or so.
- djmobley 7y agoWorth noting Revolut do not have a UK banking licence, and your funds with them are not protected by the Financial Services Compensation Scheme (FSCS).
- mytailorisrich 7y agoThey have an EU bank licence and funds are thus protected under the EU-wide protection scheme.
- twic 7y agoLet's look at various banks' total assets, as listed on this random website i found [1], in millions of pounds: Monzo 139.82 Starling 206.64 Marks & Spencer 5569.90 Ulster 11641.00 Metro 21647.00 Co-operative 23102.80 Coutts 34280.00 Clydesdale 43583.00 HSBC (retail) 238939.00 Barclays (retail) 251305.00 On that measure, at least, Metro Bank is a hundred times bigger than either Monzo or Starling. Assets are not the whole story, of course; i'd be interested to see numbers for customers, revenues, and some sort of measurement of payment flow. But i think the lesson here is that if you live in the London tech bubble, it's easy to think that Monzo are huge. Many of my friends bank with Monzo, and i see plenty of Monzo cards being tapped on the readers at the tube station. But we are not representative of the country at large. [1] https://thebanks.eu/banks-by-country/United-Kingdom https://thebanks.eu/banks-by-country/United-Kingdom
- jen20 7y agoThis would be a more compelling argument if I lived in London ;-)
- the_mitsuhiko 7y agoMonzo 139.82 From the same website — N26: 428.86 mln EUR
- p10jkle 7y agoAccording to the website, that Monzo stat is two years old. monzo.com shows the current customer count - 3.8 million ie 10% of the adult population of the UK. According to https://www.thisismoney.co.uk/money/saving/article-7647253/Monzo-accounts-half-UK-digital-challenger-bank-market-data-finds.html https://www.thisismoney.co.uk/money/saving/article-7647253/M... Monzo has over half the challenger bank market share