Hey
@AskHalifaxBank
👋
It's great to see your updated brand identity, but it looks like you forgot to update couple of things.
The card in the photo still displays the
@monzo
BIN (5355 22) and the name of one of our staff members... 😉
People used say "no-one switches to a new bank". That stopped when
@monzo
hit a million customers
Next came "but no-one's putting their salary in." In 2018, we've gone from 10% to almost 30% salaried accounts 🚀
In 2019 our focus is revenue growth to build a sustainable company
To make an investment in a German startup, I've had to use a notary to sign power of attorney, then send it to the Foreign and Commonwealth Office to be apostilled. Then wait 3-4 weeks.
Germany appears not to be a country that values investment in its startup ecosystem.
I’ve noticed a pattern with some AI startups that are producing flashy demos with very low customer engagement.
They are usually solving occasional problems.
An example is “use natural language to query a database”.
Most employees at a tech company don’t actually write SQL…
Here's an idea I wish someone would build: Mixpanel-style analytics for customer unit economics.
At
@monzo
, we had an event-driven data architecture that allowed us to assign cost or revenue to every action a customer might take.
Spend £120 on a debit card in NYC? £2 of…
One of the bravest and most disciplined companies I’ve worked with sent investor updates every month with “$0 revenue” at the very top.
They sent it consistently every month for more than an year and never made excuses. They said “this isn’t good enough and here’s what we’re…
Parliament now agrees that:
It doesn't want the deal
It doesn't want no deal
It doesn't want a second referendum
I'm genuinely confused. What's left? 🤔
At 8:08pm last night we declared a security incident
@monzo
regarding the
@British_Airways
breach.
11:07pm, we'd ordered 1300 replacement debit cards for customers who'd spent money with British Airways between August 21 and September 5 this year.
I just finished my last all-hands and Q&A with the
@monzo
team. So many great memories and awesome team-mates.
It's been a blast. I'm looking forward to some extended relaxation before the next thing 😎
Thanks for the chat,
@sohear
. Always a pleasure.
We will welcome 32 new joiners to
@monzo
this Monday.
Last year on this day, there were 189 Monzonauts.
We now have 654, 35% of whom work remotely 🚀
Interested in joining?
The best founders can describe in detail what they’ve built today and then clearly envision how it becomes a really big business in 10 years’ time.
It’s essential to hold this micro and macro view in your head at the same time and communicate both very clearly.
People mess up…
I'm so annoyed by the parasitic "tech communities" in San Francisco that invite founders to join for "mentorship and advice". You sign a legal agreement, but they don't have any obligation to invest in you up front.
Instead, if you do eventually get investment from a high-signal…
Request for startups: I’d like an interactive voice based AI assistant that will help me go through my emails and calendar in the 20 minute drive to work. It should draft emails based on minimal voice input and reschedule appointments that I want to move.
I’ve never used a pitch deck to fundraise.
Instead, I kicked off every raise by staring unblinkingly at the investor's right eye. They always blink first.
Here's why I think founders should use weird psychological games when fundraising 🧵
I'm so proud of this ❤️
@firstdirect
's service has long been a source of inspiration at
@monzo
. To pip them for top place by 1% in our first year offering current accounts is an amazing honour.
When YC applicants write about why they’re not moving to SF to run their startup, it’s always because they firmly believe the strategically optimal place to base their company is the *exact* place they currently live.
This must just be a coincidence.
Some killer stats in this
@YouGov
article.
2% of Brits already have a
@monzo
account, despite only 11% of the nation having heard of the company.
Net satisfaction score of +89 beats every other bank tracked in BrandIndex by YouGov.
So many companies I work with have asked me about fundraising (Seed/Series A) that I've written it up into a guide.
It's still in draft, but I'd love any comments or suggestions.
I'll probably publish it as a blog post in a week or two
I have been trying to cancel my subscription to
@TheEconomist
for the last year, but they make you phone to cancel, and the lines are extremely understaffed 😡
If you can sign up without talking to someone, you should be able to cancel the same way.
Not cool.
Generative AI seems to be following a similar hype-cycle to crypto.
The difference is that normal people are already using AI to do actual work with impressive results.
I worked in fintech for 10 years and I don't know a single person who used crypto for anything real.
The on-demand grocery market feels a bit like Uber Vs Lyft, or the scooter wars of 2019.
Lots of VC cash subsidising my privileged urban lifestyle 🤷♂️
I got my order in 9 minutes today, which felt almost too fast. Sub 1hr would have been fine.
Britain has been a democracy that countries around the world have admired for centuries.
After watching the Commons debates over the last few weeks, I'm no longer sure that's the case 😞
Last year, Google made £5.7bn revenue in the UK.
Globally, its net profit margins were around 20%, or around £1.15bn in the UK.
Corporation tax is 19%, so Google should have paid £218m in tax.
Instead, it paid just £49m.
How? By routing sales through an Irish subsidiary.
I've recently seen two pre-revenue startups in Germany spend €100k on (re-)incorporation, legal and accounting fees
It feels like Germany is a country that hates its startup ecosystem.
In 1780s Britain, the electorate in England and Wales consisted of just 214,000 male landowners.
In Britain in 2019, just 150,000 Tory party members, with an average age of 57, will decide our next Prime Minister.
This is our democracy.
I'm so proud of the entire
@monzo
team -
@TSMonzo
,
@skaladeen
,
@jonas
and everyone else who worked so hard to make this happen.
Massive congratulations, folks 🎉
YC is coming to the UK!
We’ll be visiting London and three universities in the UK – Cambridge, Imperial, and Oxford.
If you’re interested in starting a startup, or are in the early stages of building one, we hope to see you there.
@StephanieYeboah
@monzo
Monzo is not going bust.
Source: I am the CEO 😉
You can read more about what we're doing to handle the impacts of COVID-19 here:
"If you want to build a ship, don't drum up people to collect wood and don't assign them tasks and work, but rather teach them to long for the endless immensity of the sea."
This sounds like the definition of every great leader I've met.
It may be a "cracking story", but the article on
@monzo
in The Times this morning is misleading and inaccurate.
I've tried to set the record straight here
You couldn’t make it up ... cracking story from
@HoskingTheTimes
on how loss making fintech plans to allow customers to use overdrafts to buy unlisted shares via £20m crowdfunding ...
Some of YC's most successful companies are consumer-focussed. I dug into the key metrics that helped them succeed 📈🚀
Headline User Growth - Paid vs Organic 💰
Virality vs Network Effect 🦠
Cannibalisation in paid referral schemes 👺
The claim that
@monzo
has a specific "overdraft offer" which "lends customers money to buy its shares" is just not true.
On this basis, literally every publicly-listed UK bank lends customers money to buy its shares
With the New Year here, I wanted to look back at what we achieved at
@monzo
in 2019 and what’s coming up. We’re building Monzo with you and for you, and over 3.6m people now bank with us. We can’t thank you enough for all your support!
Metrics. One of the most important elements to running any startup. But which ones matter?
YC Group Partner
@t_blom
dives into what key metrics to track and how to use them to make the best decisions for your company in our latest
@startupschool
episode:
At YC, we spend a lot of effort making sure companies can describe what they do in clear, concise terms.
The difference is remarkable when listening to the pitches of founders who haven't thought about this
Writing code is an unusual skill because it grants exceptional leverage.
Well-written software can solve problems for millions of people with near-zero marginal cost.
We cannot allow technology to distort democracy and compromise our free and fair society.
@DailyMailUK
has undertaken its own research and the results are disturbing.
Honestly, has this ever worked?
Big consultancies are responsible for some of the most egregious tech delivery failures in modern times.
I'm so fed up that we can't build good public-service apps.
I keep getting messages from government advisors who are desperate for ideas to "unlock the Brexit dividend" or "slash EU red tape".
You know what would be really great for business? Access to a single market with 450 million extra customers.
It's surprising to still see top-tier VCs dragging out the legal processes of £2-3m seed rounds. I've seen them haggling over inconsequential terms for months.
It is a *massive* mental tax on the founders and stops them focussing on growing the business.
Why do they do it?
Every
@gocardless
feature release is a bittersweet moment for me.
It's awesome to see such cutting-edge functionality.
But I deeply regret creating 50 test accounts in production.
Every company has an impact on society and I believe companies have a moral obligation to ensure that impact is a positive one.
Paying fair taxes is part of that.
In
@MoneySavingExp
's recent poll, 89% of
@firstdirect
customers described the current account service as "great”. Barclays got 41% and RBS 29%.
@monzo
wasn’t ranked with only got 99 respondents (threshold was 100)
97% of customers rated
@monzo
“great”
I'm delighted to be working with
@anuhariharan
and the team at
@ycombinator
Continuity.
I didn't realise it was possible, but you can sense the same magic of the core YC experience in their growth-stage investing.
"US president calls London mayor ‘loser’ in tweets before touching down at Stansted"
I don't understand how is this is possible in modern politics. It's like we're living in some weird parallel universe.
Can we please just go back to normal now? 😞
Back in August, we let you get paid a day early, for free. No hassle - just more time with your money. And now we’ve introduced two new features that make getting paid into
@monzo
even better.
I'm putting together an off-the-record dinner series for founders of Series A / B / C startups companies in London.
If you're interested, or know someone who might be, please DM me.
I'm back in London for a few days, and it's good to see that most of the UK press is still printing absolute horseshit for headlines.
Let's start with
@thetimes
- here's an example from today:
1/3 Quick thread on AI risk: there’s a story in The Times today headlined “Two years to save the world, says AI adviser” based on comments I made in an interview. The headline doesn’t reflect my view. Here’s what I said:
Dyson spent £20m of its own money and offered hundreds of staff to make ventilators for the NHS during the worst national emergency in 80 years.
PM and Chancellor offered reasonable assurances to make that happen.
Mudslinging from
@DavidLammy
& others.
The sleaze never stops. It’s wrong to get tax breaks just because you have the PM on speed dial. Boris Johnson must now agree to a full, transparent and independent inquiry into lobbying.
Also, some countries (UAE, China) will make you do a third step which involves getting a stamp from their embassy in your country.
During covid, there was a 5 month backlog to get this stamp.
Yarn has been super valuable for many of the current YC batch - they’re able to make high quality product demo videos in minutes.
This content performs extremely well on LinkedIn and drives a ton of inbound interest for b2b products
🧶
@Yarn_so
(YC W24) is a new video app for software teams. Make agency-quality product and sales videos in under 15 minutes – no experience needed.
Congrats on the launch
@diegostory
and Nicole!
Transparency is easy when everything's going well.
It really matters when things go wrong.
Here's
@obeattie
talking about one of
@monzo
's worst technical platform outages and what we've learned from it.
Hey
@LeeHepner
I've had a number of friends visit SF from London recently.
They're all horrified by the open air drug markets and homeless people with severe mental health problems.
They can't understand why one of the richest cities in the world has become like this.
I have lots of friends who visit San Francisco from all over the place. You know the ONE thing they all comment on? Not open air drug markets, not feeling unsafe, not downtown vacancies...
I’d like to visit NYC for 3 weeks in May.
Does anyone want to do a house-swap?! I’ve got a 3 bed apartment in San Francisco (Noe Valley) - I’d like to stay somewhere in Manhattan or Brooklyn.
I’ve looked at the house-swapping platforms but there’s no liquidity. And Airbnb is…
"apostilling" apparently means that other countries that are party to the Hague Convention will recognise a document signed outside their jurisdiction.
I learned that today from the notary