Monzo founder quits ‘unfavourable’ London for San Francisco
https://twitter.com/Telegraph/status/1661532201563959296?s=20
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He’s not the only one, others have said the same. Which from a tech perspective I think is true?
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Not clear what the perspective is here. Restrictions on use of data/GDPR? Banking regulation?
It’s hard to get behind relaxing either of those, from my perspective.
The UK has famously low barriers to opening and running companies and relatively low corporate tax levels. I don’t agree that the conditions are unfavourable for start ups in general, in fact I think if anything we’re too lax in those early phases and there is too much abuse of the system.
I think he’s talking about tech, not banking regulation. Others (Revolut) have turned that into why they can’t get a licence (when it is down to them, not the regulators IMHO).
I put a question mark because from an outside perspective if companies are starting to say London doesn’t help them with innovation, there must be something to it. But I don’t actually know, maybe it’s a great space for innovation?
I dunno. I feel like these have all the hallmarks of tech founders in a sulk. I could be wrong about this but for lack of anything concrete that cant be done in London/UK but can be somewhere else it’s hard to make a different conclusion.
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I’ve just seen a post on Monzo from a contributor whose replacement debit card has been opened and sealed up again with sellotape. Interesting photo in the thread.
Now, if that were me, I’d be shutting down that account pronto because the suspicious inside me would be thinking someone has ripped off my identity.
I’d also be reporting it to Action Fraud and Royal Mail. Having that delivered like that is simply unacceptable.
I would also be checking the Companies House website and looking up my postcode to see if some meathead has registered a business at my address.
It’s really high growth tech startups that we’re hostile for. Particularly ones who don’t make any (or very little relative to revenue) profit (yet).
Arm went with NYSE for their IPO (despite being a U.K. tech company) for that reason. The Hut Group are probably the best recent case study to look into to understand why that sentiment exists. They’re proof of it.
Some of my clients have left the U.K. citing a similar explanation. I think you’d really need to the user base to justify it, and even then, when it comes to an IPO, you’re better going somewhere else for it unless things change.
I’ve been saying for while, but when Monzo do inevitably IPO, don’t be surprised if it’s not in London. YComhinator are one of the investors. They definitely won’t support floating here, and I know they can be difficult investors to work with.
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Them apparently saying that’s fine when there couldn’t be a bigger red flag is hysterical 
Indeed, if all is as claimed, and I’m not at all doubting the poster, I personally wouldn’t wish to continue a banking relationship with any bank that shrugged off the biggest red flag associated with fraud there ever was.
This is exactly why I don’t bank with Monzo anymore. The app is nice, perhaps a little convoluted, but the operations and CS are such an absolute binfire I wouldn’t trust them with the slightest of queries.
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If I recall correctly, when their first in-app purchase/DLC was released, the new Monzo Plus debit cards arrived unsealed or were stuck down with Sellotape (presumably by the post office). It’s really worrying to see that still happening.
You do remember correctly 
I had same with my Kroo card too 
Are Kroo cards made by TAG? Should say on the back above the mag stripe.
Without going into my safe, I wouldn’t have a clue tbh.
Don’t carry the physical card, thanks to Google Wallet.
Mine is allpay
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I’m struggling to locate the Report, beyond those four headline screens (which seem to have a mind of there own).
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You need to do a lot of scrolling to get to the bottom of the page
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Ah. Just received a shareholder update which includes the Report. Healthy numbers….
Amazing what you can do with a high BoE rate and a market seemingly unwilling to come anywhere close to matching that rate isn’t it…
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