Yes you can get an account in Spain, but only with Revolut. Give it a try, I'm sure it's quite different to using some of the traditional banks https://www.revolut.com/es-ES/
On the other hand, I really liked your articles on neobanks.
Sometimes, I make translations into Spanish of good articles, which I promote among subscribers (not many, about 1500) and followers, many of whom do not read in English.
Would you be interested? Apart from links to your articles, I would make a description of your newsletter.
That sounds great, I would be happy to do this collaboration. I am currently creating a version which is both of my articles about neobanks on one page. I can share this with you, and feel free to edit. Let me know if you need anything, or if you need any additional info on this topic for your audience.
Starling offers a EUR account but just for UK account holders. Hopefully at same point the other two will go into the EU markets too! As all three are great.
Overall service quality is impressive and it’s displayed at physical bank branches of legacy in the UK! I was in London two months ago and ran into TS (Monzo ceo) I congratulated him specifically on the ranking…and asked for a job when they expand out here in Asia. (They took on Singapore investors, so maybe one day).
As you rightfully pointed out, it’s a matter of time before neobanks win on deposits. Therefore incumbents are putting up a defense with their own neobank (eg Zing), perhaps you can dive into that on part 3(?) And in future parts look at how this compares to some of the neobanks in SE Asia which had a very different origin story - one which is an ecosystem play / super-app inspired by AntFinancial (eg Maribank, GXS). And examine how the two models compete or co-exist.
That's great that you got to speak with TS. Singapore would make a good market for Monzo! Despite the small population size, I think it would be worth it for them given the high income levels and the high level of card spending.
I am a small crowdfund investor in Monzo and 6+ years ago they used to hold annual investor days, which featured presentations from various departments and presentations from the Chairman, in one of them Gary Hoffman interviewed Tom on stage (this was pre TS Anil joining). Also they would hold various events at their office where they would unveil new products and have Q&A with customers. During these events I really became a Monzo convert. It's a shame they don't still do such events, but given their size I appreciate it's now a a lot harder to engage in that way. They still have a customer forum though, which is cool, and no other banks have such an official forum.
Those are some great suggestions in your second paragraph. The reality is I could have written so much more in this post just on this topic here. Revolut and Monzo have done a great job with packaged accounts and brining them up to speed for the 21st century. But one of my goals is to write and publish more often, so I decide to stop where I was, and perhaps as you say a part three is needed in the future!
I don't know too much about the SE Asia neobanks so it'd be great to get your insights some time. There's a lot to be said about the superapp concept though. I believe it intrinsically works a lot better in Asia than in the West, for cultural design reasons as much as technological reasons, and I've started to plan an article on this topic. I'm currently in Indonesia where super-apps are very common and it's been interesting to see the scope they offer. Revolut is probably the closest thing the Western world has to a super-app - at least in the financial space - but that said I can only comment on the version we get in the UK.
I also think the Platform as a Service extension is also a fascinating topic and worth diving into. It's something which I have thought deeply about and championed in my past roles with UK & EU fintechs. It makes total sense and you see parallels in the EV industry with the recent VW investment in Rivian for $5bln as an example. VW has the distribution and supplier negotiation, it just lacks a robust EV operating system. Similar with a high street bank who has banking licenses, brand distribution and wholesale prices for cards, local payment networks. It is missing the operating system and Starling has smartly carved out a legal entity to (what I believe) ultimately sell to a legacy player under whole lot of pressure!
Yes I think there's a good chance. There were rumours in the past of either Monzo or Starling getting bought by one of the bigger players, but which one never came to light and it obviously never happened. I imagine their valuations were far about to do such a deal, and at the time they were loss making (Monzo) or not making much profit (Starling) so I'm sure the bigger fish were trying to get a good deal in such circumstances. The big banks just have a terrible tech stack compared to the neobanks and - some - have historically promoted based on experienced of managing ever growing big teams rather than technical knowledge and expertise.
Can eurepeans open an account on these banks?
Yes you can get an account in Spain, but only with Revolut. Give it a try, I'm sure it's quite different to using some of the traditional banks https://www.revolut.com/es-ES/
On the other hand, I really liked your articles on neobanks.
Sometimes, I make translations into Spanish of good articles, which I promote among subscribers (not many, about 1500) and followers, many of whom do not read in English.
Would you be interested? Apart from links to your articles, I would make a description of your newsletter.
I can translate it into chamberly.substack.com
Hi Salvador - My post with both parts together is here:
https://www.linkedin.com/pulse/neobanks-success-failure-matt-jones-ignde/?trackingId=0yeUIbsGQFW6zpYcD4Od1Q%3D%3D
Ok, thanks, I didn´t see before.
I will send you the link...
That sounds great, I would be happy to do this collaboration. I am currently creating a version which is both of my articles about neobanks on one page. I can share this with you, and feel free to edit. Let me know if you need anything, or if you need any additional info on this topic for your audience.
Great !!!
I would prefer both articles in one page, if its ok for you.
Or I can bundle together myself.
Both articles in one page is fine for me!
Take any approach you think best for your readers :-)
Hi, Matt, this is the translation:
https://chamberly.substack.com/p/neobancos-exito-o-fracaso
If you want I change something, let me know.
One page, thanks.
Yes, I have revolut.
But, what about the other 2 neobanks?
The other two are UK only for now.
Starling offers a EUR account but just for UK account holders. Hopefully at same point the other two will go into the EU markets too! As all three are great.
Overall service quality is impressive and it’s displayed at physical bank branches of legacy in the UK! I was in London two months ago and ran into TS (Monzo ceo) I congratulated him specifically on the ranking…and asked for a job when they expand out here in Asia. (They took on Singapore investors, so maybe one day).
As you rightfully pointed out, it’s a matter of time before neobanks win on deposits. Therefore incumbents are putting up a defense with their own neobank (eg Zing), perhaps you can dive into that on part 3(?) And in future parts look at how this compares to some of the neobanks in SE Asia which had a very different origin story - one which is an ecosystem play / super-app inspired by AntFinancial (eg Maribank, GXS). And examine how the two models compete or co-exist.
That's great that you got to speak with TS. Singapore would make a good market for Monzo! Despite the small population size, I think it would be worth it for them given the high income levels and the high level of card spending.
I am a small crowdfund investor in Monzo and 6+ years ago they used to hold annual investor days, which featured presentations from various departments and presentations from the Chairman, in one of them Gary Hoffman interviewed Tom on stage (this was pre TS Anil joining). Also they would hold various events at their office where they would unveil new products and have Q&A with customers. During these events I really became a Monzo convert. It's a shame they don't still do such events, but given their size I appreciate it's now a a lot harder to engage in that way. They still have a customer forum though, which is cool, and no other banks have such an official forum.
Those are some great suggestions in your second paragraph. The reality is I could have written so much more in this post just on this topic here. Revolut and Monzo have done a great job with packaged accounts and brining them up to speed for the 21st century. But one of my goals is to write and publish more often, so I decide to stop where I was, and perhaps as you say a part three is needed in the future!
I don't know too much about the SE Asia neobanks so it'd be great to get your insights some time. There's a lot to be said about the superapp concept though. I believe it intrinsically works a lot better in Asia than in the West, for cultural design reasons as much as technological reasons, and I've started to plan an article on this topic. I'm currently in Indonesia where super-apps are very common and it's been interesting to see the scope they offer. Revolut is probably the closest thing the Western world has to a super-app - at least in the financial space - but that said I can only comment on the version we get in the UK.
I also think the Platform as a Service extension is also a fascinating topic and worth diving into. It's something which I have thought deeply about and championed in my past roles with UK & EU fintechs. It makes total sense and you see parallels in the EV industry with the recent VW investment in Rivian for $5bln as an example. VW has the distribution and supplier negotiation, it just lacks a robust EV operating system. Similar with a high street bank who has banking licenses, brand distribution and wholesale prices for cards, local payment networks. It is missing the operating system and Starling has smartly carved out a legal entity to (what I believe) ultimately sell to a legacy player under whole lot of pressure!
Yes I think there's a good chance. There were rumours in the past of either Monzo or Starling getting bought by one of the bigger players, but which one never came to light and it obviously never happened. I imagine their valuations were far about to do such a deal, and at the time they were loss making (Monzo) or not making much profit (Starling) so I'm sure the bigger fish were trying to get a good deal in such circumstances. The big banks just have a terrible tech stack compared to the neobanks and - some - have historically promoted based on experienced of managing ever growing big teams rather than technical knowledge and expertise.
This was very insightful to me :)