[jhuckestein]

hey, i work at monzo

we're currently making money from interest charged on loans that we make to our customers, from interest that the central bank pays us on our deposits, as well as from interchange that we earn when our cards are used. this is what most banks do (except they also make lots of money from fees that we don't have)

there are several other ways we'll make money and we just started experimenting with a few of them. we launched a premium account that charges a monthly fee [1], we operate a savings marketplace in which we earn a commission [2] and we help people switch their bills to a cheaper provider if they are currently overpaying [3]

we release our financial statements every year and new ones are coming out soon. feel free to have a dig then :)

[1] https://monzo.com/plus

[2] https://monzo.com/features/savings/

[3] https://monzo.com/blog/2019/05/08/switch-energy-supplier-thr...

[morrbo]

Any plans to be able to hold money in a different currency like the Forex features of revolut?

On another note, I love monzo and do use it, and don't want to offend but I just had a look at the monzo plus offering and it's a bit crap. A different colour card and (later this year, and not specified) interest on your account?

[Matsta]

I imagine they are doing a sort of soft launch. It sounds like Monzo has lots of features lined upcoming in the future. The die-hard Monzo fans will all sign up (and will give good feedback).

A soft launch is a better idea compared to other companies launching new premium products, like the CityMapper Travel Pass, which is more like an Alpha than anything, and there have been lots of issues from the get-go.

[benj111]

Thanks for your reply.

Are your financial reports a legal requirement or part of a more open business approach.

Anyway its good that you feel you're earning 'enough' money from your current activities.