UK challenger bank Monzo announced on Tuesday it is making some changes to its Monzo Plus product after users offered feedback on improvement. Tom Davies, the CEO of Monzo revealed more details about the product’s changes, as well as new team and name.
“We’re going back to basics and starting from the beginning. While we are fortunate to see our customer base growing faster than ever, it’s important we take steps now to ensure we’re moving towards becoming a sustainable business. One of our biggest opportunities for this is a paid subscription that unlocks more value for our customers and gives us steady revenue in return.”
Davies also reported that the team will be working on a paid subscription offering fully, and will not be splitting their time with any other Monzo initiatives. He further explained:
“Why a new team? Though things didn’t go according to plan, we tried our very best to build something that you would value and be proud of. Some of the team needed a fresh challenge, so it was a natural time to freshen things up. Everyone will be finding other impactful areas in the business to work on.”
In regards to what will happen to the old Monzo Plus product, Davies added:
“We’ll be the first to say that Monzo Plus isn’t the best it could be. And as we work hard to make sure we get it right this time, we want to make sure you aren’t stuck with an offering that doesn’t work for you. If you have an existing subscription and want to cancel, you can at any time by contacting customer support in the app. This also means we won’t be sending out any swag or holding metal card draws like we had hoped to initially. If you’ve chosen our Supporter bundle, we’ll be automatically refunding the amount you’ve paid in fees plus some interest because you’re missing out on some of the features we offered. I know this is frustrating, but it was a tough decision we had to make so our small team can focus on delivering a paid offering you can really be proud of. We hope you understand.”