Monzo launches new Monzo Plus with software features it hopes users will want to pay for –
Summary
Monzo Plus version two was then developed and reportedly “oven ready,” to borrow a phrase from British Prime Minister Boris Johnson, only for it to be placed in the deep freeze after the coronavirus pandemic took hold. Costing £5 per month, rather than bundle a host of perks that might otherwise be up-sold individually, such as travel or gadget insurance or additional cash-back and merchant discounts, as many other banks and fintechs do, this third Monzo Plus attempt is more akin to a paid-for software upgrade. Think a SaaS model versus cable TV where you typically pay for a bunch of channels, including ones you probably never watch, although Monzo isn’t ruling out a packaged bank account product in the future, perhaps along the lines of the one it originally had planned. These include third-party bank account aggregation, virtual debit cards, custom transaction categories, spreadsheet export and credit score updates. “And I think this, combined with connected accounts, combined with custom categories, the ability to split transactions across multiple categories, and the ability to keep your subscriptions going or turn off a subscription at any point, together gives people a huge amount of additional control over their money.” Out with hot coral, in with holographic blue “The other part of this, which I think is incredibly important, is we have this really iconic hot coral card.