I don’t know - I suspect the credit distressed. I presume they will ditch the euro account and try and coordinate the 2 different offers
I decided to finally close my Monese account back in the summer, which has since looked increasingly like a wise decision.
I have no interest in being a Pockit customer and, despite having tried nearly every fintech, I have never been a customer of theirs as they don’t offer anything of interest.
I only see them of use for people who literally can’t obtain any other account - due to CIFAS flags, total lack of documentation (recent immigrants, etc) or other “financial exclusion factors”.
Personally, I’ve very glad to have got out before they took over - as they charge for absolutely everything!
I imagine it will be more of a migration across to Pockit and a dumping of everything else. Given recent investor write-downs from HSBC and other Monese backers, we can probably assume that Pockit acquired Monese for cheap essentially as a way to buy customers and remove a competitor from the market. They are not interested in the Monese offering as a product, and perhaps Monese’s own struggles show that a market for it simply doesn’t appear to exist.
As Pockit effectively charges for all accounts, I imagine that any bulk transfer in will be shortlived. And I presume they will just unilaterally close the non-GBP accounts.
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Update on this - Monese emailed me this week with a proposed new service of an immediate cash advance (chargeable over and above the £50) - it seems squarely aimed at the Pockit clientele.
Monese [email protected]
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to me
Cash Advance is coming soon!
Hi Richard,
Our brand-new Cash Advance feature is coming soon.
With Cash Advance, you can access £50* on demand — whenever you need it. A one-time approval means hassle-free access, anytime. Eligibility criteria will apply.
Be the first to know when it launches and register your interest below.
Yours,
The Monese team
*Cash Advance will be powered by SteadyPay Ltd. A flat fee per advance, eligibility criteria and terms will apply when the feature goes live.
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Interesting, yes aimed at a “Pockit demographic”, shall we say?! They are obviously trying to capitalise on Buy Now, Pay Later being such a trend and cost of living being high (offering a valuable service/preying on the vulnerable, depending on how you see it).
The small print refers to it being powered by SteadyPay, so not actually a service from Monese or Pockit themselves. Presumably they don’t (yet) have the necessary regulator approvals for lending and therefore need to work with a third party currently. I originally suspected Monese would be converted into Pockit (or Pockit accounts would move to the Monese platform) fairly quickly but there are no signs of that yet.
Either way, I stopped using Monese and then, to avoid falling foul of their inactivity fee, decided to close my account last year.
So far I’m not seeing anything that makes me feel I’m missing out!
Unless part of the reason they acquired Monese was to try to break into the EU market and offer Euro accounts to do so?
Maybe the Euro accounts are part of the value for them here, or maybe they will be binned as you suggest. Hard to say at this stage.
I also closed my account last year.
That hasn’t stopped them sending me two emails about their proposed “Cash Advance” offering in March…
Interesting (and expensive) business model