YouSaid · the spoken record

TS Anil

lines on the record: 88
first: 2025-02-13
most recent: 2025-02-13
sittings or episodes: 1
sources: podcast

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“Because we're not looking to go in with the banking license, the US fintech industry has this well established model of a partner bank, a sponsor bank, and most of the U.S. fintech industry operates with that model. That's what we're doing. So working with a partner bank and building out product for the customer and focused on the things that we do really well, which is work close to the customer and nail what will help them make better decisions.”
2025-02-13 · The Twenty Minute VC · 20VC: Monzo: The Greatest Turnaround in Tech: From £40M Revenues, Layoffs, Downrounds and Low Employee NPS to $1BN in Revenue, Profitable and 10M Customers with TS Anil, CEO @ Monzo · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, totally. Because I mean, nothing has moved on the regulatory front in a couple of years or three years, even since we pulled out. So, yeah, absolutely. So why would we go in?”
2025-02-13 · The Twenty Minute VC · 20VC: Monzo: The Greatest Turnaround in Tech: From £40M Revenues, Layoffs, Downrounds and Low Employee NPS to $1BN in Revenue, Profitable and 10M Customers with TS Anil, CEO @ Monzo · IDENTIFIED FROM THE TRANSCRIPT · source
“Not really. We did the first in the first iteration of the US what we spent our time on was applying for the banking license and we pulled out of that process when it felt like regulation there was unlikely to grant any fintech players licenses. So we pulled out of that process that was that was the sort of first decision?”
2025-02-13 · The Twenty Minute VC · 20VC: Monzo: The Greatest Turnaround in Tech: From £40M Revenues, Layoffs, Downrounds and Low Employee NPS to $1BN in Revenue, Profitable and 10M Customers with TS Anil, CEO @ Monzo · IDENTIFIED FROM THE TRANSCRIPT · source
“When do we go international is now? We're public about the fact that we're investing in building out a strategy for Europe. We're public about the fact that we have a small team in the US building product for the U.S., for the American customer.”
2025-02-13 · The Twenty Minute VC · 20VC: Monzo: The Greatest Turnaround in Tech: From £40M Revenues, Layoffs, Downrounds and Low Employee NPS to $1BN in Revenue, Profitable and 10M Customers with TS Anil, CEO @ Monzo · IDENTIFIED FROM THE TRANSCRIPT · source
“I still think transaction based fees will be the biggest thing we do, but it's already there. So it's not as though it's a new thing we're building out. I still think it's going to be a big thing as we expand the ways in which people pay and get paid. That's probably still going to be the biggest thing we do. The subtext in the question that you're asking me, right? Which is, is there the one thing? And here's the deal. When we're building a product that is about meeting all the needs that your wallet has, it's by definition going to be a diversified revenues, which, by the way, is a high quality business model because it isn't hostage to economic cycles and credit cycles or interest rate cycles or any of that. You build it like a quality business.”
2025-02-13 · The Twenty Minute VC · 20VC: Monzo: The Greatest Turnaround in Tech: From £40M Revenues, Layoffs, Downrounds and Low Employee NPS to $1BN in Revenue, Profitable and 10M Customers with TS Anil, CEO @ Monzo · IDENTIFIED FROM THE TRANSCRIPT · source
“But I remember someone asking me in one of the meetings when we were discussing it that DS, doesn't this seem like it's off mission? Like we shouldn't be charging for charging a fee feels like it's not on mission. And I remember saying then, if we choose to not charge for things where we transparently and with the customer and where we believe we're adding value to the customer, if we choose to not charge it and we see that as somehow being a mission thing to do, it's effectively saying I'm doing charity at the cost of the VC. I shouldn't take any credit for it. I'm taking the VC's money and scaling an unprofitable business to be even more unprofitable. There's no good that comes out of that.”
2025-02-13 · The Twenty Minute VC · 20VC: Monzo: The Greatest Turnaround in Tech: From £40M Revenues, Layoffs, Downrounds and Low Employee NPS to $1BN in Revenue, Profitable and 10M Customers with TS Anil, CEO @ Monzo · IDENTIFIED FROM THE TRANSCRIPT · source
“But that with a business plan that reinforces it makes it incredibly powerful. We were launching a new fee that we were going to charge customers for something. And we were, of course, doing it the monz away, which was like wickedly transparent to the customers that they knew exactly.”
2025-02-13 · The Twenty Minute VC · 20VC: Monzo: The Greatest Turnaround in Tech: From £40M Revenues, Layoffs, Downrounds and Low Employee NPS to $1BN in Revenue, Profitable and 10M Customers with TS Anil, CEO @ Monzo · IDENTIFIED FROM THE TRANSCRIPT · source
“Say there was two things that we needed to build real alignment on early. At the more senior levels, there was this false binary of are we a tech company or are we a bank? And I say that's a false binary in the same way that I wouldn't expect the world's best e-commerce companies to say, are we a retailer or are we a tech company? You're both. You've staddled it all. So you don't frame a false binary that results in saying, I like this, I don't like that. So that's one. So at the senior levels, there was that misalignment. I think at more junior levels, there was a misalignment about this idea of a mission and a business plan. And I would say a mission without a business plan is a bumper sticker. Anybody can write a strapline. And our mission is going to be powerful because it's back to the business plan, making money work for everyone. That standing alone without a business plan to make it happen, right, is a strapline. You and I could write like five more in the next two minutes.”
2025-02-13 · The Twenty Minute VC · 20VC: Monzo: The Greatest Turnaround in Tech: From £40M Revenues, Layoffs, Downrounds and Low Employee NPS to $1BN in Revenue, Profitable and 10M Customers with TS Anil, CEO @ Monzo · IDENTIFIED FROM THE TRANSCRIPT · source
“No, I don't agree at all. They may be the hardest, they may be the most annoying and painful things, but sadly they're not. How do you run a business and build it to scale if your team is not aligned with what you're trying to do, right? How do you run a business where people that are closest to the decision, closest to the customer are not freaking empowered to do the right thing? Like how do you build that? So I get it, they're big words and they're annoying words and they're bandied around all the time in ways that like strategy and synergy.”
2025-02-13 · The Twenty Minute VC · 20VC: Monzo: The Greatest Turnaround in Tech: From £40M Revenues, Layoffs, Downrounds and Low Employee NPS to $1BN in Revenue, Profitable and 10M Customers with TS Anil, CEO @ Monzo · IDENTIFIED FROM THE TRANSCRIPT · source
“I can't believe returns. Exactly that, right? If it's the business you're in, own the whole damn value chain and get great at it.”
2025-02-13 · The Twenty Minute VC · 20VC: Monzo: The Greatest Turnaround in Tech: From £40M Revenues, Layoffs, Downrounds and Low Employee NPS to $1BN in Revenue, Profitable and 10M Customers with TS Anil, CEO @ Monzo · IDENTIFIED FROM THE TRANSCRIPT · source
“It's one part of the life of a CEO of a bank. Here's the way I think about it though, which is that, and I say this inside the company a lot, if we were running an e-commerce business that we wanted to run at scale, we wanted to build Amazon, if we sat around, whinging and wringing our hands and complaining about warehouse logistics and, oh my God, the supply chain is a bitch to handle. I mean, you don't have a business then.”
2025-02-13 · The Twenty Minute VC · 20VC: Monzo: The Greatest Turnaround in Tech: From £40M Revenues, Layoffs, Downrounds and Low Employee NPS to $1BN in Revenue, Profitable and 10M Customers with TS Anil, CEO @ Monzo · IDENTIFIED FROM THE TRANSCRIPT · source
“Dead, right? So when a company scaling as fast as we were, you need to make sure that, again, back to the point about a regulated industry, that the control scale alongside as well. And you don't want to pick up debt on the control side.”
2025-02-13 · The Twenty Minute VC · 20VC: Monzo: The Greatest Turnaround in Tech: From £40M Revenues, Layoffs, Downrounds and Low Employee NPS to $1BN in Revenue, Profitable and 10M Customers with TS Anil, CEO @ Monzo · IDENTIFIED FROM THE TRANSCRIPT · source
“Horizon, an example of one are borrowing business. We'd already launched loans and overdrafts, but it was clear as COVID kicked in, we needed to hit the pause button and really build that for scale, which means invest in world-class underwriting tools, in understanding how the customer journey would work much better, and all of the controls associated with building a borrowing business at scale. So that one we said, okay, get started at crazy intense pace knowing that was nine months away even before we could ship it, but you need to invest in those longer lead time things as well if you're going to get it done because if you just prioritize the what can we get done quickly, you'll forever be in a tactical mode without actually building out the business that you're setting out to build strategically. From a shipping perspective that year was also about stuff that was not visible to customers, you know, product debt and tech debt is well understood in the industry. But we defined this idea of control.”
2025-02-13 · The Twenty Minute VC · 20VC: Monzo: The Greatest Turnaround in Tech: From £40M Revenues, Layoffs, Downrounds and Low Employee NPS to $1BN in Revenue, Profitable and 10M Customers with TS Anil, CEO @ Monzo · IDENTIFIED FROM THE TRANSCRIPT · source
“Can take this back to 2020 Right? The early weeks after I had started, it was important to do two or three things. The first was have high conviction in the two or three things that we were going to do. It's a focus, and then make sure you got those across the finish line. Number one. Number two, I think it was this thing about playing across different horizons. The first horizon being stuff that you can ship in the next six to eight weeks, and then stuff that you knew had longer lead times, but you needed to get started now if you wanted to meet that thing that you wanted to launch in three quarters from now. So building a clear view of how do you play across these horizons and get going. So the subscriptions product that we launched in early July of 2020, we had taken many runs at that product internally, right? And it was still spinning, but we hadn't brought it across the finish line. So that was one way we said, okay, digging in, we're going to ship this in four weeks. Let's figure out everything that we've learned, make the right decisions, and just crack on. And we did. So that one was a, this is a four-week horizon thing. We're going to get it done.”
2025-02-13 · The Twenty Minute VC · 20VC: Monzo: The Greatest Turnaround in Tech: From £40M Revenues, Layoffs, Downrounds and Low Employee NPS to $1BN in Revenue, Profitable and 10M Customers with TS Anil, CEO @ Monzo · IDENTIFIED FROM THE TRANSCRIPT · source
“The big learning is to make sure that you stay close to customers always and are solving problems that they're seeing versus something that you think is intuitively right. So constantly learning, iterate fast, and I guess last you just the recognition that we're operating in a very dynamic market. So you have to roll with it.”
2025-02-13 · The Twenty Minute VC · 20VC: Monzo: The Greatest Turnaround in Tech: From £40M Revenues, Layoffs, Downrounds and Low Employee NPS to $1BN in Revenue, Profitable and 10M Customers with TS Anil, CEO @ Monzo · IDENTIFIED FROM THE TRANSCRIPT · source
“If you can do that switching provider. So the market turned right with caps on energy costs and so on came in, right? That market changed and we just prioritized it lower so we may get back to it if it becomes a thing again that never quite worked out.”
2025-02-13 · The Twenty Minute VC · 20VC: Monzo: The Greatest Turnaround in Tech: From £40M Revenues, Layoffs, Downrounds and Low Employee NPS to $1BN in Revenue, Profitable and 10M Customers with TS Anil, CEO @ Monzo · IDENTIFIED FROM THE TRANSCRIPT · source
“So, one of the products that we were really interested in building out was energy switching, and we shut that down, say, a year or two years ago now almost, because a few things happened, right? We thought it was a logical extension of the financial control center, helping people sort of get good choices and make good decisions.”
2025-02-13 · The Twenty Minute VC · 20VC: Monzo: The Greatest Turnaround in Tech: From £40M Revenues, Layoffs, Downrounds and Low Employee NPS to $1BN in Revenue, Profitable and 10M Customers with TS Anil, CEO @ Monzo · IDENTIFIED FROM THE TRANSCRIPT · source
“Answers for that maybe the first is just what that revenue mix looks like, right? So we're targeting and very close to these numbers. We're about a third, a third, a third, a third is transaction-based revenues, interchange, FX, and so on. A third is on balance sheet lending. When customers take out an unsecured borrowing product from us, loan or an overdraft or monzoflex. And then the last one third is what I describe as good fees. And I say good fees because this is not stuff where we make money when customers make mistakes. It's not gotcha fees, right? These are fees like subscriptions when someone takes out a subscription product from us or on the marketplace if they originated mortgage in the future. The interest margin that we make on the savings product. So that's the last one third.”
2025-02-13 · The Twenty Minute VC · 20VC: Monzo: The Greatest Turnaround in Tech: From £40M Revenues, Layoffs, Downrounds and Low Employee NPS to $1BN in Revenue, Profitable and 10M Customers with TS Anil, CEO @ Monzo · IDENTIFIED FROM THE TRANSCRIPT · source
“On the retail side. Wow. But that's mortgages. If you capital adjust, if you risk adjust, if you expense adjust, it obviously thins out very quickly.”
2025-02-13 · The Twenty Minute VC · 20VC: Monzo: The Greatest Turnaround in Tech: From £40M Revenues, Layoffs, Downrounds and Low Employee NPS to $1BN in Revenue, Profitable and 10M Customers with TS Anil, CEO @ Monzo · IDENTIFIED FROM THE TRANSCRIPT · source
“When 500 on the small business side. I want you to pause there for a second because those numbers are part of the proof point about this idea of mission and mission and business.”
2025-02-13 · The Twenty Minute VC · 20VC: Monzo: The Greatest Turnaround in Tech: From £40M Revenues, Layoffs, Downrounds and Low Employee NPS to $1BN in Revenue, Profitable and 10M Customers with TS Anil, CEO @ Monzo · IDENTIFIED FROM THE TRANSCRIPT · source
“Frame question Then do I care at first bite? No, I'd like to get that at first bite. I'd like people to come and bring their whole relationship to Mons in the first instance and many and like large segments of customers do, people that are new to banking, coming of age, new to the country, I don't have another bank account in this country, by the way. Bring their entire relationship to us, and that's amazing. But I'm also fine if someone wants to try us out and use us for more and more because the unit economics of that make commercial sense and it's a great way to make sure more people touch and feel Monzo. The reason Maine Bank matters is not just because of the fact that you get more share of wallet and higher RPUs because you can get that same RPU even if someone's not using you as the main bank but takes out another bigger product from you, you can get similar RPUs but because when more of the relationship comes into Monzo the ability for that customer to actually manage their money better for us to add value by actually connecting the dots for them inside of this inside of the product is”
2025-02-13 · The Twenty Minute VC · 20VC: Monzo: The Greatest Turnaround in Tech: From £40M Revenues, Layoffs, Downrounds and Low Employee NPS to $1BN in Revenue, Profitable and 10M Customers with TS Anil, CEO @ Monzo · IDENTIFIED FROM THE TRANSCRIPT · source
“The heart of, I can see that skeptic look on your face. We have to dig into this one at the heart of this is rejecting this false binary, that is your mission-oriented or you're a great commercial business, right? I think of that as a false binary because I think done right, both of these things reinforce each other. Talking to you about our mission and what Monzo really is good at, what we stand for, and what we invest in every day, what we have built on the back of that is a business where the largest UK digital bank, but not just in terms of numbers of customers or revenues, but in the quality of those customers, the engagement that we get from those customers tracked in weekly active users or daily active users is off the charts and leagues ahead of our competitors. The commerciality of it is, as an example, we add over 200,000 new users a month. The vast majority of those are word of mouth. In an industry where people spend 100 quid to acquire an account or more, the engagement levels that I said mean that the propensity to buy every new product from Monzo is”
2025-02-13 · The Twenty Minute VC · 20VC: Monzo: The Greatest Turnaround in Tech: From £40M Revenues, Layoffs, Downrounds and Low Employee NPS to $1BN in Revenue, Profitable and 10M Customers with TS Anil, CEO @ Monzo · IDENTIFIED FROM THE TRANSCRIPT · source
“The challenge is going to be defining what's a product versus what's a feature and stuff like that. But we don't seek to monetize every product and feature. So as an example, the gambling block, I don't know if you know about this feature that we built a few years ago, three, four years ago, coming out of a customer feedback about someone who had spent too much money online gambling the night before because they kept topping up their account, a customer service agent that was talking to them had this idea that maybe we should just give them the ability to block those transactions. So customers can set up a gambling block on their account which says that don't let me top it up. And if I choose to unblock it, I have a 24-hour cooling-off period. The staggering numbers, Harry, more than 600,000 customers have turned that on. And it's not something we seek to monetize. In fact, we actually went and lobbied with the government saying every bank should make it available. So that's an example of a product feature that we're not doing for the sake of monetary, but it's good for the customer and we will do it. A whole bunch of budgeting tools are free. We don't price that. The thing over here to get, right, which is”
2025-02-13 · The Twenty Minute VC · 20VC: Monzo: The Greatest Turnaround in Tech: From £40M Revenues, Layoffs, Downrounds and Low Employee NPS to $1BN in Revenue, Profitable and 10M Customers with TS Anil, CEO @ Monzo · IDENTIFIED FROM THE TRANSCRIPT · source
“It's the front end where we can differentiate where the customer sees pain. Let's solve that problem, make the capital free high margin fees off of that, and give the asset to someone else.”
2025-02-13 · The Twenty Minute VC · 20VC: Monzo: The Greatest Turnaround in Tech: From £40M Revenues, Layoffs, Downrounds and Low Employee NPS to $1BN in Revenue, Profitable and 10M Customers with TS Anil, CEO @ Monzo · IDENTIFIED FROM THE TRANSCRIPT · source
“Me reframe that question What part of mortgages is great business? The problem to be solved is that the front end of the customer journey. And we will solve that problem and we will originate for other balance sheets. And there's enough large balance sheets in the country with lots of lazy capital and liquidity that will happily distribute mortgages through us to our customers. So I want to play in the front end portion of that. I would rather not deploy our capital and our balance sheet to funding the mortgage asset itself.”
2025-02-13 · The Twenty Minute VC · 20VC: Monzo: The Greatest Turnaround in Tech: From £40M Revenues, Layoffs, Downrounds and Low Employee NPS to $1BN in Revenue, Profitable and 10M Customers with TS Anil, CEO @ Monzo · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so I mean, the quick backdrop, though, of this is that we intend to meet all of these needs of a customer budget, borrow, spend, save, insure, invest, all of that in a single place. That's what we're building. The sequencing is driven by many things, right? It's driven by when we feel ready in terms of everything that we need to do to launch that product, where does it fit into our journey of sort of building out the economics of the business? What are customers saying they want right this second? So a bunch of different things end up informing that particular sequencing. Mortgages, as an example, I don't think people ever do it on our own balance sheet, but we already are making mortgages visible to our customers, even if it's not a monzo mortgage. They've taken it from somewhere else in the app, leveraging our technology, a customer can actually track their mortgage.”
2025-02-13 · The Twenty Minute VC · 20VC: Monzo: The Greatest Turnaround in Tech: From £40M Revenues, Layoffs, Downrounds and Low Employee NPS to $1BN in Revenue, Profitable and 10M Customers with TS Anil, CEO @ Monzo · IDENTIFIED FROM THE TRANSCRIPT · source
“And in time, we will do ETFs and all sorts of other asset classes. And so, to your point about sequencing, along that journey, the other asset classes will come. And there'll be a right time to do it. In the meantime, we're not chasing just a fast buck.”
2025-02-13 · The Twenty Minute VC · 20VC: Monzo: The Greatest Turnaround in Tech: From £40M Revenues, Layoffs, Downrounds and Low Employee NPS to $1BN in Revenue, Profitable and 10M Customers with TS Anil, CEO @ Monzo · IDENTIFIED FROM THE TRANSCRIPT · source
“So with investing, like we've done with every other product that we've built, we built it with really going deep in understanding what our customers wanted. What we learned from customers was that the two reasons most British customers, most customers in the UK stay out of investing and keep their money in cash, by the way, to one of the largest savings versus investments markets in the world, is because of two things. One, they think it's only for rich people. And two, they don't understand it. Now, if you take those two insights, what we did with the product, and the reason we're on the journey is we said, okay, let's start, let's solve those two problems. Let's make education available to customers in the app. So we demystified. And it's not terms and conditions or disclosures. It's like, let me tell you what you need to do to make a good decision here. And we say we can start investing with as little as one pound. The idea was to solve for getting this vast majority of people. We have north of 10 million customers now, Harry, to get started on the idea of making long-term decisions with their money. So we've started with mutual funds.”
2025-02-13 · The Twenty Minute VC · 20VC: Monzo: The Greatest Turnaround in Tech: From £40M Revenues, Layoffs, Downrounds and Low Employee NPS to $1BN in Revenue, Profitable and 10M Customers with TS Anil, CEO @ Monzo · IDENTIFIED FROM THE TRANSCRIPT · source
“Sure. As I said, ultimately in my mind, we want to give customers a full range of asset classes to invest in. I think it's just about sequencing. And I'd rather have, as part of a broader investment proposition, I think we should make all of the choices available to the customer.”
2025-02-13 · The Twenty Minute VC · 20VC: Monzo: The Greatest Turnaround in Tech: From £40M Revenues, Layoffs, Downrounds and Low Employee NPS to $1BN in Revenue, Profitable and 10M Customers with TS Anil, CEO @ Monzo · IDENTIFIED FROM THE TRANSCRIPT · source
“If it wasn't, if we'd really litigated that, we would have launched it in the time since, right? So it wasn't a one-off decision, it wasn't a point in time decision. We've chosen not to do it yet.”
2025-02-13 · The Twenty Minute VC · 20VC: Monzo: The Greatest Turnaround in Tech: From £40M Revenues, Layoffs, Downrounds and Low Employee NPS to $1BN in Revenue, Profitable and 10M Customers with TS Anil, CEO @ Monzo · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't disagree for a minute, right? Because this is not about us being paternalistic, right? This is about us presenting to the customer the information to help them make a good decision. So if I want to have them invest, I think we should give them the tools to make good investing decisions.”
2025-02-13 · The Twenty Minute VC · 20VC: Monzo: The Greatest Turnaround in Tech: From £40M Revenues, Layoffs, Downrounds and Low Employee NPS to $1BN in Revenue, Profitable and 10M Customers with TS Anil, CEO @ Monzo · IDENTIFIED FROM THE TRANSCRIPT · source
“You tell me, Harry, of the millions of customers investing in cryptocurrency rank number 75 because they saw a tweet, does that sound to you like a customer that understands that currency and the reasons why that particular currency has got tailwind of growth?”
2025-02-13 · The Twenty Minute VC · 20VC: Monzo: The Greatest Turnaround in Tech: From £40M Revenues, Layoffs, Downrounds and Low Employee NPS to $1BN in Revenue, Profitable and 10M Customers with TS Anil, CEO @ Monzo · IDENTIFIED FROM THE TRANSCRIPT · source
“Sure, let's talk about cryptocurrency trad That's a good one where we chose to not do it because letting the average customer buy 100 cryptocurrencies because we could make a buck off of it just felt not on mission at all. And it was clear to us”
2025-02-13 · The Twenty Minute VC · 20VC: Monzo: The Greatest Turnaround in Tech: From £40M Revenues, Layoffs, Downrounds and Low Employee NPS to $1BN in Revenue, Profitable and 10M Customers with TS Anil, CEO @ Monzo · IDENTIFIED FROM THE TRANSCRIPT · source
“In the arc of time, you have to get all of these things right. So, sequencing it, should we have gotten a license later on a life cycle versus earlier? Here's the thing. In the early days of a company, when you're building the foundations of the company, you build a great tech stack, you figure out the product market fit and the brand and how you want to go to market and all of those things. But in a regulated business, you also put in place the muscles to operate this at scale in a regulated context. Getting that right early on has meant a few things. It's meant that we've earned real trust from our customers. It's meant that we know how to do that and continue to scale. We know that getting it right actually creates a motor around our business in a very, very important way. Hindsight is a lovely thing and we could debate what sequencing is better or worse, but here we are, the largest UK digital bank and so much more.”
2025-02-13 · The Twenty Minute VC · 20VC: Monzo: The Greatest Turnaround in Tech: From £40M Revenues, Layoffs, Downrounds and Low Employee NPS to $1BN in Revenue, Profitable and 10M Customers with TS Anil, CEO @ Monzo · IDENTIFIED FROM THE TRANSCRIPT · source
“Overwhelm, we chose not to freeze. We said we're going to dig in, look at everything that needs to happen, build a plan. We started with like a 100-day plan. Just go after each one of those things, like chip away at each of those things. There isn't an answer other than to say we dug in, own the whole damn thing, right? We say, we're going to put our arms around this whole thing, dig and grind away at each of these problems, and then you start to unlock things. So in being interlocking, the good news is that if you get a couple of things right, you start to create positive and virtual cycles as well.”
2025-02-13 · The Twenty Minute VC · 20VC: Monzo: The Greatest Turnaround in Tech: From £40M Revenues, Layoffs, Downrounds and Low Employee NPS to $1BN in Revenue, Profitable and 10M Customers with TS Anil, CEO @ Monzo · IDENTIFIED FROM THE TRANSCRIPT · source
“There's some situations where you have to sharpen focus and just do the one thing. This was not one of them. I wish it was like this was the one thing we did that sort of unlocked everything else. And sadly it was not because it was a set of interlocking problems that we needed to raise capital because we had limited runway and we had wanted to fund the ambition. But to raise capital, investors needed to have conviction, to give investors conviction, we needed to ship product and drive some momentum to drive momentum and ship products i needed the regulators to trust us To drive that trust, we needed to fix a set of controls to keep them commensurate with the size of company we'd already become the size of bank we'd already become and then to do all of those things you need the right people every one of these things was like an interlocking problem in a way that it wasn't about doing the one thing so now you look at this whole landscape of things that needed to dig in and like you know get right a lot of people and teams freeze in the space of that kind of”
2025-02-13 · The Twenty Minute VC · 20VC: Monzo: The Greatest Turnaround in Tech: From £40M Revenues, Layoffs, Downrounds and Low Employee NPS to $1BN in Revenue, Profitable and 10M Customers with TS Anil, CEO @ Monzo · IDENTIFIED FROM THE TRANSCRIPT · source
“Commitment and belief in the mission was very real for me. So encountering what Monzo was when I started, of course, you've talked about all of the things that were wrong or broken or difficult. But if I looked at the hand I had to play, there were some good cards in that hand. We had found a magical product market fit with our initial current account product. We'd found a brand and a tone of voice that had really resonated across the country. So in addition to that, all of those problems you talked about were real, right? We were running out of capital and there was COVID on, our revenues that had fallen off of a cliff, monetization was lagging the user growth. So every version of problem that you can think of, we certainly had that as well. But if I looked at the full hand, this was one I wanted to play. And I guess at a deeper level, I've never been shy to run towards a fire, never been one to sort of balk because it feels difficult. If anything, it feels more like, yeah, I'm going to give this a swing. I'm going to give it everything I've got. And it won't fail because of something I did not.”
2025-02-13 · The Twenty Minute VC · 20VC: Monzo: The Greatest Turnaround in Tech: From £40M Revenues, Layoffs, Downrounds and Low Employee NPS to $1BN in Revenue, Profitable and 10M Customers with TS Anil, CEO @ Monzo · IDENTIFIED FROM THE TRANSCRIPT · source
“To answer that, I'm going to have to back up a little bit, Harry. Back up because, as you know, I've spent many years in different sorts of financial services companies and banks around the world. Through it all, I had this big unscratched itch of really thinking that someone needed to reinvent the sector. Someone needed to reinvent how customers and money worked with each other. And in the bigger places I had worked, I tried to do it, right? But it was clear that the legacy players were never going to fix it with the best of intent and the best of wanting to do it. It was never going to get fixed by incumbents, right? And the history of incumbents transforming their industries is anyways very, very sketchy. And for all of the obvious reasons of Legacy Tech and legacy mindset and business models to protect and this and that and the other. So it had been a thing for me for the longest time. So it wasn't an accident that I ended up in the conversation with Monzo in the first place because I'd been seeking to do that thing, be a part of a team that was going to change the sector forever and ever.”
2025-02-13 · The Twenty Minute VC · 20VC: Monzo: The Greatest Turnaround in Tech: From £40M Revenues, Layoffs, Downrounds and Low Employee NPS to $1BN in Revenue, Profitable and 10M Customers with TS Anil, CEO @ Monzo · IDENTIFIED FROM THE TRANSCRIPT · source