Fintech is still far from mainstream, but one player is finally showing how to get there

Fintech funding moves into the growth stage

Nearly all fintechs are targeting the same early adopters

The technology adoption lifecycle
  • Monzo have c.600k customers with c.200k daily active and c.500k monthly active users. There are 67m current accounts in the UK. So they have at best 0.9% market share.
  • Revolut have c.2m ‘customers’ with c.250k daily active and c.900k monthly active users, but spread across 6 European markets. So that’s, on average 330k users per market. They’re launching loads of products, picking off the low hanging fruit in lots of market, rather than going deep in any of them.
  • There are forecast to be 3.2m new entrant current accounts in the UK by 2020, which would be 4% total market share.

Crossing the chasm

  • Facebook famously focused on students in Ivy League universities as their first mainstream audience
  • Uber focussed first on town car customers in big US cities (not all taxi users)
  • With Skype we consciously appealed first to international students (and by proxy their families back home)

The end of being for everyone

  • Monzo is a great modern current account. It’s what a current account should have been like all along. But it’s general purpose, it could work for anyone.
  • Yolt is a great money manager app. It sets the standard for all money manager apps. But it’s general purpose, it could work for anyone.

The first fintech that’s being for someone?

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