UK-based challenger bank Monzo announced on Wednesday it is set to close its Prepaid Beta, which was launched in March 2016 to make sure the bank was “building something” that consumers actually needed. While sharing details about its growth since the Beta’s launch, Monzo stated:
“As we worked to get our banking license and the permission to offer current accounts, your feedback and ideas have helped us understand how we can make Monzo better. We received our banking licence in 2017, started offering current accounts and asked our prepaid users to upgrade. Today, we’re pleased to say that more than 362,000 of you have chosen to upgrade, including 94% of people who use their accounts actively!”
The company also noted if those who are reading its latest update are one of the 98,000 people who hasn’t upgraded, as it explained back in January and in its emails since then, the prepaid card has stopped working and the app can no longer send or receive payments.
“If you’d like to keep using Monzo, there’s still time to upgrade. Your balance and account history will be transferred over, and you’ll be able to use Monzo again once your new debit card arrives and you activate it.”
Monzo added if customers decide not to upgrade it will return any money that’s left in their account back to their original bank cards or transfer it to one of their bank accounts over the next few weeks.
“Whether you’re brand new to Monzo or you’ve been with us from the start. Whether you’re joining us for what’s next, or choosing not to upgrade, thank you. Your support, ideas and frank feedback are the only reason we’ve been able to build Monzo into what it is today.”