Tom Blomfield Profile Banner
Tom Blomfield Profile
Tom Blomfield

@t_blom

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837
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Group Partner at @ycombinator Cofounded @gocardless and @monzo

London
Joined December 2011
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@t_blom
Tom Blomfield
5 years
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... 😉
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@t_blom
Tom Blomfield
5 years
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
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@t_blom
Tom Blomfield
3 years
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.
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@t_blom
Tom Blomfield
1 month
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…
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@t_blom
Tom Blomfield
6 months
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…
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@t_blom
Tom Blomfield
3 months
Before I was 30 years old, I’d started 2 companies that are each now worth over a billion dollars. And it almost broke me. Here’s my story.
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@t_blom
Tom Blomfield
1 month
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…
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@t_blom
Tom Blomfield
5 years
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? 🤔
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@t_blom
Tom Blomfield
6 years
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.
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@t_blom
Tom Blomfield
3 years
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.
@sohear
Steve O'Hear
3 years
The president has left the Monzo House. Thanks for the chat @t_blom , glad you're doing better.
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@t_blom
Tom Blomfield
6 years
Every episode of Silicon Valley feels like a deeply uncomfortable parody of my startup life.
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@t_blom
Tom Blomfield
5 years
Interesting comparison: @RevolutApp has 7m users and 1.1m daily actives. 16% @monzo has 3m users and 1.7m daily actives. 57%
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@t_blom
Tom Blomfield
1 year
Not sure why I'm not having much luck dating at the moment 🤷‍♂️
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@t_blom
Tom Blomfield
5 years
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?
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@t_blom
Tom Blomfield
12 days
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…
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@t_blom
Tom Blomfield
6 months
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…
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@t_blom
Tom Blomfield
1 month
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.
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@t_blom
Tom Blomfield
10 months
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 🧵
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@t_blom
Tom Blomfield
5 years
If this banking thing doesn't work out, I'm going to become a potter.
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@t_blom
Tom Blomfield
6 months
One of the best parts of the YC job is telephoning founders to tell them they've been accepted. The sheer excitement and emotion is inspiring.
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@t_blom
Tom Blomfield
5 years
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.
@WhichMoney
Which? Money
5 years
. @monzo became a Which? Recommended Provider in our latest banking survey, with the highest consumer score of any UK bank. ⟶
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@t_blom
Tom Blomfield
2 months
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.
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@t_blom
Tom Blomfield
5 years
Using @monzo on the NYC subway!
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@t_blom
Tom Blomfield
3 years
These countries should check out Docusign.
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@t_blom
Tom Blomfield
7 years
After 18 years, I'm finally leaving Natwest. It's been emotional. 🚀💳 @monzo
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@t_blom
Tom Blomfield
3 years
A great day spent vaccinating people at the ExCel centre with @stjohnambulance
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@t_blom
Tom Blomfield
5 years
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.
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@t_blom
Tom Blomfield
6 years
I love it when @monzo customers write us nice letters 💌
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@t_blom
Tom Blomfield
6 years
Net Promoter Score just hit +80 at @monzo . Average across UK banks last year was +4
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@t_blom
Tom Blomfield
4 years
The new @monzo Premium launches today!
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@t_blom
Tom Blomfield
3 months
This batch, we decided we should start cooking @ycombinator dinners again 👨‍🍳 With @koomen @bosmeny and @mwseibel hosting a @parkerconrad talk.
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@t_blom
Tom Blomfield
3 years
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
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@t_blom
Tom Blomfield
6 years
For the second year in a row, @monzo is 1st in LinkedIn's list of best startups to work for in Britain. Check out our jobs page! 😉
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@t_blom
Tom Blomfield
3 years
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.
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@t_blom
Tom Blomfield
1 year
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.
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@t_blom
Tom Blomfield
6 years
@guardian Highly-skilled European workers.
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@t_blom
Tom Blomfield
3 years
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.
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@t_blom
Tom Blomfield
5 years
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 😞
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@t_blom
Tom Blomfield
5 years
The only thing separating our current government from House of Cards is Dominic Cummings pushing John Bercow in front of a Northern Line train.
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@t_blom
Tom Blomfield
2 years
This is why we have financial regulation.
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@t_blom
Tom Blomfield
6 years
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.
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@t_blom
Tom Blomfield
2 years
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.
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@t_blom
Tom Blomfield
1 year
@nickrw I honestly don't know why anyone is still working at that circus. The ringmaster has gone mad.
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@t_blom
Tom Blomfield
5 years
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.
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@t_blom
Tom Blomfield
11 months
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 🎉
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@t_blom
Tom Blomfield
14 days
I’m really looking forward to visiting the UK in a couple of weeks!
@ycombinator
Y Combinator
15 days
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.
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@t_blom
Tom Blomfield
6 years
You can now pay someone nearby using @monzo , even if they aren't in your phonebook 💥💳💷
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@t_blom
Tom Blomfield
4 years
@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:
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@t_blom
Tom Blomfield
6 years
"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.
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@t_blom
Tom Blomfield
6 years
As of today, you can see your salary in @monzo one day early 🚀
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@t_blom
Tom Blomfield
7 years
Delighted that @monzo was recognised at the Card & Payments Awards 2017! 🍾🥇💳
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@t_blom
Tom Blomfield
5 years
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
@fletcherr
Richard Fletcher
5 years
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 ...
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@t_blom
Tom Blomfield
5 years
Spent some time this morning getting my ducks in a row.
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@t_blom
Tom Blomfield
6 years
Unexpected benefit of hiring great senior executives - a flood of new candidates applying because they want to work with great leaders.
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@t_blom
Tom Blomfield
4 months
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 👺
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@t_blom
Tom Blomfield
5 years
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
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@t_blom
Tom Blomfield
4 years
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!
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@t_blom
Tom Blomfield
5 months
I had a lot of fun making this video on startup metrics - I hope it's useful!
@ycombinator
Y Combinator
5 months
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:
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@t_blom
Tom Blomfield
2 years
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
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@t_blom
Tom Blomfield
6 years
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.
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@t_blom
Tom Blomfield
26 days
Happy Demo Day to all who celebrate
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@t_blom
Tom Blomfield
4 years
Using a bash script to poll the website of my favourite artisanal flour mill for additional delivery slots is a new low point.
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@t_blom
Tom Blomfield
2 years
Nadine Dorries is an embarrassment to the British technology sector
@NadineDorries
Rt Hon Nadine Dorries
2 years
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.
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@t_blom
Tom Blomfield
6 years
names @monzo as the No.1 tech company in London to work for 🏆
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@t_blom
Tom Blomfield
2 years
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.
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@t_blom
Tom Blomfield
2 years
When all you have is a hammer, everything looks like a nail.
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@t_blom
Tom Blomfield
1 year
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.
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@t_blom
Tom Blomfield
3 years
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?
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@t_blom
Tom Blomfield
2 years
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.
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@t_blom
Tom Blomfield
6 years
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.
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@t_blom
Tom Blomfield
6 years
Bingo is tired out after a long day in the @monzo office
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@t_blom
Tom Blomfield
6 years
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”
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@t_blom
Tom Blomfield
5 years
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.
@anuhariharan
Anu Hariharan
5 years
#1 . Humbled to be a partner in @monzo 's journey with founders @t_blom and @jonas (both YC alums!) and the entire Monzo team -
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Tom Blomfield
3 years
Oh **** I just noticed it's 1hr48 long. No-one needs to listen to me for that long. Maybe just watch the highlights 🤣
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@t_blom
Tom Blomfield
5 years
"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? 😞
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@t_blom
Tom Blomfield
5 years
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.
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@t_blom
Tom Blomfield
2 years
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.
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@t_blom
Tom Blomfield
11 months
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:
@matthewclifford
Matt Clifford
11 months
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:
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@t_blom
Tom Blomfield
3 years
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.
@DavidLammy
David Lammy
3 years
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.
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@t_blom
Tom Blomfield
3 years
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.
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@t_blom
Tom Blomfield
7 years
I just got a lovely message from an 80-year old @monzo customer. Mobile banking is not just for millennials.
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@t_blom
Tom Blomfield
2 months
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
@ycombinator
Y Combinator
2 months
🧶 @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!
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@t_blom
Tom Blomfield
5 years
Somewhat like the queen, I apparently now have an official birthday - 11th July. (My actual birthday is not until August) Thanks @thetimes
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@t_blom
Tom Blomfield
6 years
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.
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@t_blom
Tom Blomfield
7 years
I'm really happy to see more @monzo current accounts rolling out. Aiming for 20k this month.
@kirstyken
kirstykenney
7 years
💷💕 #Winning -- Everything about my @monzo experience to date has been 💯 - super duper excited to get a current account! 💕💷
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@t_blom
Tom Blomfield
9 months
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.
@LeeHepner
Lee Hepner
9 months
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...
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@t_blom
Tom Blomfield
27 days
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…
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@t_blom
Tom Blomfield
5 years
Queuing around the block at the Imperial Entrepreneurs event tonight! I'm excited 🙂
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@t_blom
Tom Blomfield
6 years
Most startups aren’t competing with other startups; they’re competing with no one giving a shit.
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@t_blom
Tom Blomfield
3 years
"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
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@t_blom
Tom Blomfield
5 years
I'm just trying to play some StarCraft to get away from the madness but everyone in the Europe lobby is busy debating Brexit.
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@t_blom
Tom Blomfield
3 years
It's a good thing we regained sovereignty and stuff, because it's pretty fucking annoying paying a bunch of extra import duty the whole time.
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@t_blom
Tom Blomfield
5 years
What one thing would you add to @monzo in 2019 to make it (more) awesome?
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