The company faces many competitive challenges, as is inevitably the case for an early-stage business. It also attracts inevitable scepticism from some adherents of traditional banking. But its conception of deposits as a grouping device is an interesting one, and provides one explanation for why it is expected to attract a valuation of up to $1.5bn at its next round of fundraising, as the FT reported in August. It also hints at how the notion of a current account might evolve in future. We’ll speculate about where that kind of thinking might ultimately lead in the next post.

https://ftalphaville.ft.com/2018/09/13/1536813000000/Monzo--When-is-a-bank-not-a-bank-/