3 ms·

Interesting I would say Monzo is by a mile. Edit, I had a quick look at Google play downloads as a benchmark (Not great I know) but looks like you're right. Mo

• rogy 7y ago
  Monzo is much bigger in the UK, but less than Revolut outside
  • cmsj 7y ago
    Perhaps because Monzo is still relatively weak for sending/receiving money internationally.
    • ubercow13 7y ago
      Don't Monzo just use Transferwise for that? And Transferwise are better than Revolut for it
• wjoe 7y ago
  I hear of Revolut more in the context of using it as a service for sending money internationally, but I know plenty of people who use Monzo for day to day banking (although most also still have an account with a normal bank). It doesn't surprise me that more people have used Revolut at some point, but I would still expect that Monzo has more active users. Edit: This is in the UK, I understand Monzo isn't quite as well known elsewhere.
• Nextgrid 7y ago
  Problem is that Revolut is an electronic money institution while Monzo is a bank. If they go bust with the former you’re out of money, with the latter the government will refund your money up to 85k£.
  • virgilp 7y ago
    Are you sure they're not a bank yet? They got their banking license a while ago: https://blog.revolut.com/we-got-a-banking-licence/ https://blog.revolut.com/we-got-a-banking-licence/
    • Matsta 7y ago
      Their current license is in Estonia. They're still trying to acquire their UK banking license (their HQ is in London).
    • AdamGibbins 7y ago
      Note this line in the link you just posted: > It's worth pointing out that this scheme is not currently in place
      • virgilp 7y ago
        Yeah but it was 1 year ago...
  • matthewheath 7y ago
    > If they go bust with the former you’re out of money This isn't strictly true. By law, electronic money institutions are required to safeguard customer funds. In the event of an insolvency, customer fund claims would be paid out in preference to all other creditor claims and there's various other safeguards to ensure people get their money back. Specifically, Section 24 of Part 3 of the Electronic Money Regulations 2011 covers this: -- 24.—(1) Subject to paragraph (2), where there is an insolvency event— (a) the claims of electronic money holders are to be paid from the asset pool in priority to all other creditors; and (b) until all the claims of electronic money holders have been paid, no right of set-off or security right may be exercised in respect of the asset pool except to the extent that the right of set-off relates to fees and expenses in relation to operating an account held in accordance with regulation 21(2)(a) or (b) or 22(1)(b). (2) The claims referred to in paragraph (1)(a) shall not be subject to the priority of expenses of an insolvency proceeding except in respect of the costs of distributing the asset pool. (3) An electronic money institution must maintain organisational arrangements sufficient to minimise the risk of the loss or diminution of relevant funds or relevant assets through fraud, misuse, negligence or poor administration. -- https://www.legislation.gov.uk/uksi/2011/99/part/3/crossheading/safeguarding/made https://www.legislation.gov.uk/uksi/2011/99/part/3/crosshead...