Tom Blomfield, CEO of Monzo and friend of FinTech Collective, believes that the "bank of the future will be a marketplace." Alphaville takes a closer look at Monzo's unique business model, including the idea that consumers could use excess balances for p2p lending.
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Monzo: when a bank is not a bank?
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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.
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