The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 76 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 3 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Blomfield: Monzo burned $100 million annually in early 2020
“We were burning a hundred million a year at the time.”
Blomfield: I wouldn't have started Monzo without Y Combinator
“I mean, I wouldn't have started Monzo without it, for sure”
Blomfield: Monzo acquired its first million customers with zero advertising spend
“But we got to a million customers with no advertising.”
Blomfield: Roughly 60% of Monzo customers deposit their salary into Monzo
“So then we spent the two years getting everyone to put their salary in, and now it's something like 60% of customers put their salary in.”
Tom Blomfield initially did not believe in brand or design at Monzo
“I came into Monzo really not believing in brand at all, or design.”
Blomfield: Monzo doubled growth rate over recent months via product optimization
“So our growth rate in the last three or four months has doubled based on product growth alone, which is free zero cap.”
Blomfield: Monzo is only 10% to 15% done in UK retail banking
“I said we've chosen one route clearly, which is to stick with UK retail customers, and it feels like we're 10 or 15% done.”
Over 600,000 Monzo Customers Have Enabled the App's Gambling Block Feature
“The staggering numbers, Harry, more than 600,000 customers have turned that on.”
Monzo's Revenue Is Split Evenly Across Transactions, Lending, and Subscriptions
“The third is transaction based revenues, interchange FX and so on. The third is on balance sheet lending. When customers take out an unsecured borrowing product from us, loan or an overdraft or Monzo flex. And then the last one third is what I describe as good…”
TS Anil Holds No UK Bank Account Other Than Monzo
“I don't have another bank account in this country, by the way.”
Monzo Raised a £250M Down Round Weeks After TS Anil Became CEO
“We raised two hundred fifty million pounds. I mean, we did the down round within minutes after I started, like three weeks after I started, and then we topped up that down round over the next six months.”
A Pivotal Investor Pulled Out of Monzo's 2020 Fundraise Right Before Closing
“You know, an investor that I would have spent months working on in 2020, and they're that close, and I know that it's gonna be pivotal for us, and it changes our story, because on the back of that, I will be able to raise more capital, and they don't pull the …”
Hudack: Monzo's website didn't mention the word bank initially
“When I first started working there we didn't actually say the word bank anywhere on the website.”
Blomfield: Monzo's early push for bank regulation paid off long-term
“So, we intended to be a regulated bank in the very, very start. We acted like that, and it now, 10 years on, we are reaping the rewards of that.”
Blomfield stayed at Monzo long after he stopped being happy
“It drove me to do Monzo, and drove me to stay at Monzo for a long time after I was happy, and in the years since, it's kind of gone away.”
Blomfield: Monzo's CEO and COO navigated regulation better than I ever could
“And I think TS, the new CEO, and Sajata, the COO, are spectacularly good at that, as well as maintaining the culture and the products. And they've just done such a good job taking it over the, you know, when I left it over the next four years that I couldn't h…”
Eileen Burbidge Worked as Monzo's Interim CPO for Six Months
“When we lost a chief product officer, sorry, chief people officer, she came and did an exec job at Monzo effectively for like four days a week for six months.”
Grimshaw: Monzo Has Reached 7 Million Accounts in the UK
“Monzo now has seven million accounts. It's like a 10th of the British population has signed up to this thing.”
Grimshaw names GitHub, Segment, Benchling, and Monzo as top investment returns
“I think if you looked at Realized, it would probably GitHub or Segment. If you look at Unrealized, maybe Benchling or Monzo,”
Blomfield: Monzo has completed product scaling and is defining its business model
“For us, for Monzo, I think we've just finished that second phase. We're into the third phase of really getting the business model nailed down.”
Blomfield: Monzo achieved positive contribution margin by summer 2018
“We were pretty deeply loss-making, even on a marginal basis, at the start of the year, and by this summer, we were in a really positive place.”
Blomfield: Monzo UK brand awareness is approximately 15%
“Our brand awareness at the moment in the UK is something like 15%.”
Blomfield: Monzo closed 2018 funding round preemptively without full process
“General Catalyst were really keen to do it preemptively. So we didn't go through an enormously drawn out fundraising process. They sort of came in with an offer that we thought was really attractive, and it saved us a time of doing a full fundraising process. …”
Blomfield: 70% of Monzo's customers live outside London
“Something like 30% of our customers are in London, but 70% are outside London.”