Brakes applied as Monzo further delays Plus subscription relaunch

By Oliver Smith on Wednesday 1 April 2020

Digital Banking

“It just isn’t the right time and it’s not fair to bundle in some things you can’t use right now."

Brakes applied as Monzo further delays Plus subscription relaunch
Image source: Monzo Plus.

Six months after scrapping its subscription service Monzo Plus and replacing the entire team, digital bank Monzo has announced a further delay to the relaunch of the service which was planned to go live yesterday.

In a message to Monzo’s forum, Tom Davies, the product marketing manager for Monzo Plus, wrote: “with the world going through a really difficult period, and with most of us staying safe inside, we made the tough call to delay the launch of our two new accounts”.

The reason, according to Davies, is that of the two paid accounts the more premium account was due to include “benefits to make traveling easier and more enjoyable”, which obviously aren’t much use while working from home.

“It just isn’t the right time and it’s not fair to bundle in some things you can’t use right now,” he wrote.

The ‘cheaper’ subscription account was due to include “budgeting and savings” features, however this will not launch either now.

Instead the team working on Monzo Plus has “turned our attention to things we think can help customers now. So we’re currently re-assessing if, when and what we should launch. Hang tight for an update on this.”

There’s a chance Monzo’s subscription service may still launch soon, however: “that might mean adjusting the proposition to meet people’s new needs, or doing some new.”

Last year, before being killed, Monzo Plus included several subscription packages which bundled premium services like additional ATM withdrawal allowances, travel insurance, airport lounge access, Monzo merchandise, discounts and more. 

Plus was wound down as Davies told the Monzo community that the service “didn’t go according to plan” with the bank “going back to basics and starting from the beginning" with an entirely new team working on the project.

For now the news of another delay is a further setback in Monzo’s plan for profitability, which has been increasingly focused on lending and (hopefully) subscription services.

Meanwhile, yesterday it was revealed that Monzo’s CEO Tom Blomfield will be giving up his salary for 12 months amid the voluntary furloughing of hundreds of employees.

Read more: Monzo replaces entire Monzo Plus team and refunds customers after admitting premium service “didn’t go according to plan”

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