N26 will be leaving the UK

Re:N26 will be leaving the UK by twic on Tuesday February 11, 2020 @03:47PM (#22302662)

Let's look at various banks' total assets, as listed on this random website i found [1], in millions of pounds:

  Monzo                 139.82
  Starling              206.64
  Marks & Spencer      5569.90
  Ulster              11641.00
  Metro               21647.00
  Co-operative        23102.80
  Coutts              34280.00
  Clydesdale          43583.00
  HSBC (retail)      238939.00
  Barclays (retail)  251305.00

On that measure, at least, Metro Bank is a hundred times bigger than either Monzo or Starling. Assets are not the whole story, of course; i'd be interested to see numbers for customers, revenues, and some sort of measurement of payment flow.

But i think the lesson here is that if you live in the London tech bubble, it's easy to think that Monzo are huge. Many of my friends bank with Monzo, and i see plenty of Monzo cards being tapped on the readers at the tube station. But we are not representative of the country at large.

[1] https://thebanks.eu/banks-by-country/United-Kingdom

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Re:N26 will be leaving the UK by p10jkle on Tuesday February 11, 2020 @06:14PM (#22304006)

According to the website, that Monzo stat is two years old. monzo.com shows the current customer count - 3.8 million ie 10% of the adult population of the UK.

According to https://www.thisismoney.co.uk/money/saving/article-7647253/M... Monzo has over half the challenger bank market share

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Re:N26 will be leaving the UK by the_mitsuhiko on Tuesday February 11, 2020 @06:06PM (#22303941)

    Monzo                 139.82

From the same website — N26:

    428.86 mln EUR

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Re:N26 will be leaving the UK by jen20 on Tuesday February 11, 2020 @05:18PM (#22303561)

This would be a more compelling argument if I lived in London ;-)

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