A new feature ramps up speculation that the bank, highly popular with millenials, could be a conduit for greater take up of digital wealth management.
Is Monzo launching a robo advisor? In short, no, but it has launched a new service called Pots that could pave the way for its own digital wealth manager or greater integration through its online marketplace.
As one of the most well known-challenger banks in the UK market, Monzo has not been short of headlines of late.
It has raised £71m new equity cash (£60m factoring secondary issuance, broke a crowd funding round earlier this year , unveiled its marketplace ‘vision’ and even might be eying an Initial Public Offering (IPO).
Now the firm which saw a 300 per cent increase since February in users from 120,000 to 470,00 is launching a new service called Pots.
It allows users to set aside money for a specific purpose within the users’ Monzo account.
“Whether you’re saving for a rainy day or putting money aside for a house, planning the perfect wedding or funding a trip around the world, pots can help you work towards your biggest plans and daily goals,” a spokesman said on its own forum last week.
“We think pots have the potential to become a valuable tool that help you set aside, save and manage your money in a way that fits in with your life,” they added.
The bank also said it “could be pretty cool” to let other services integrate into Monzo as a pot...”you could have one for your ISA or savings… or even a negative one for your student loan,” the same spokesman said.
The bank has released a few snapshots ahead of the Pots launch. For Nutmeg fans please note the image is just a “placeholder” according to the firm.