https://amp.ft.com/content/8ea6d977-c2fc-47a8-9d93-1ec02eb4f9a9
Sorry Mathew, yours was behind a paywall so I couldnât read the link
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Itâs not being painted as a pretty picture, didnât they replace their CEO with someone who was supposed to push the American launch ?
https://www.nasdaq.com/articles/monzo-abandons-u.s.-banking-licence-bid-2021-10-04-0
Much is made of Monzoâs 5 million customers. Iâd still love to know how many of those accounts are actually live properly used accounts and not just opened up and sat there doing literally nothing. I suppose the said could be said of many banks though, dormant accounts that are âactiveâ and counted as working accounts. I mean my new Chase account, which will now quite literally sit there on their books doing nothing because the account is as things stand, too basic to really do anything with.
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The London-headquartered mobile banking app said it âisnât the outcome it initially set out to achieve."
You donât say!
Monzo said it was still committed to expanding in the US and would do so through its existing partnership with Ohioâs Sutton Bank, rather than as a standalone lender.
âwithdrawsâ is a bit rich. The regulator told them they werenât getting a licence!
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I wonder if will become more of a takeover target now or if any interested parties will simply wait until it approaches the BOE for support and to arrange a shotgun marriage.
I imagine most potentially interested parties in acquiring Monzo will be doing so from a liquidator in the coming years rather than buying the company now