Monzo has reached a combined total of 135,000 customers for its two premium bank account options since their launch in 2020 and now it extends their benefits.
Monzo has partnered with the RAC which is UK’s breakdown provider. Both Monzo Plus and Premium now get complete breakdown cover from £5 a month with the Plus option (while Monzo Premium being at £15 per month).
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RAC allegedly fixes 4 out of every 5 breakdowns they are called out to at the roadside, in around 30 minutes. In 2020, despite the pandemic, they rescued 2.2 million customers who had broken down.
“We want to make sure that when you do dust off your car and take off on your first adventure, you can do it with peace of mind that, if anything goes wrong, you’ll be looked after. So we’ve partnered with the RAC, the UK’s original breakdown provider, to give Monzo Plus and Monzo Premium customers complete breakdown cover from £5 a month,” claims Monzo.
If the accident is not the customers fault, Legal Care Plus helps them claim back losses their car insurance doesn’t cover. Monzo Bank claims that this is worth £15 as a standalone product, but is now available to Plus and Premium customers within their subscriptions.
“Monzo Plus helps you to get full financial visibility, with your other bank accounts and credit cards all in one place, as well as interest on your money, personalised budgeting and so much more. Monzo Premium comes with everything in Monzo Plus, and includes a metal card, worldwide phone and travel insurance, higher interest and much more. …If you have Monzo Plus or Monzo Premium, head to the app (then click ‘Offers’) to find and use the offer now,” says Tom Davies, Senior Product Marketing Manager at Monzo
Monzo Bank has attracted 4.99 million customers as it also serves about 70,000 business customers, which means more than twice the number of business customers it served last summer.
TS Anil, Monzo CEO says the company’s revenue is “diversified across three buckets,” including transaction payments, “good” fees (subscriptions and commissions), and lending, with the three “roughly equally weighted in terms of mindshare, focus and so on.”