TS Anil

There's a second piece of this, because what we're effectively building out, Harry, is a consumer platform where engagement is measured in the trust that customers place with Monzo, the love that they have for Monzo. By the way, here's a trivia question. Do you know how many times more likely it is that a customer uses the word love when they're writing a review about Monzo?

seven times more likely than anybody else. And this is in the context of an industry where love and banking, love and financial service just don't go in the same zip code. But we're building this consumer platform where that engagement is measured in trust and love and doing more with Monzo. And on the back of that, we earn the right to do so much else for customers

seven times more likely than anybody else. And this is in the context of an industry where love and banking, love and financial service just don't go in the same zip code. But we're building this consumer platform where that engagement is measured in trust and love and doing more with Monzo. And on the back of that, we earn the right to do so much else for customers

seven times more likely than anybody else. And this is in the context of an industry where love and banking, love and financial service just don't go in the same zip code. But we're building this consumer platform where that engagement is measured in trust and love and doing more with Monzo. And on the back of that, we earn the right to do so much else for customers

No, disagree. It's a difficult industry. If the only thing that mattered was the product, how do you reach customers? So you have to create the virtuous cycle. In our case, that virtuous cycle is the virality of it, is the tools that make people want to talk about us. So you've built a great product so that you create the love, but then you need things to happen around that.

No, disagree. It's a difficult industry. If the only thing that mattered was the product, how do you reach customers? So you have to create the virtuous cycle. In our case, that virtuous cycle is the virality of it, is the tools that make people want to talk about us. So you've built a great product so that you create the love, but then you need things to happen around that.

No, disagree. It's a difficult industry. If the only thing that mattered was the product, how do you reach customers? So you have to create the virtuous cycle. In our case, that virtuous cycle is the virality of it, is the tools that make people want to talk about us. So you've built a great product so that you create the love, but then you need things to happen around that.

So it's not just about the great product.

So it's not just about the great product.

So it's not just about the great product.

It depends on the industry. Sure, there's some sectors where that's probably true. Do you think it's important that you're first to market in the markets? We're 500 years late to banking.

It depends on the industry. Sure, there's some sectors where that's probably true. Do you think it's important that you're first to market in the markets? We're 500 years late to banking.

It depends on the industry. Sure, there's some sectors where that's probably true. Do you think it's important that you're first to market in the markets? We're 500 years late to banking.

We have the luxury of time. We have the gift of time because we have plenty of capital to build out our ambition. And not only that, we have extraordinarily supportive investors, patient, but also supportive as in would give us more capital if we needed it. So it's not a thing for its own sake. We know we'll make a great public company one day and we'll get there when we get there.

We have the luxury of time. We have the gift of time because we have plenty of capital to build out our ambition. And not only that, we have extraordinarily supportive investors, patient, but also supportive as in would give us more capital if we needed it. So it's not a thing for its own sake. We know we'll make a great public company one day and we'll get there when we get there.

We have the luxury of time. We have the gift of time because we have plenty of capital to build out our ambition. And not only that, we have extraordinarily supportive investors, patient, but also supportive as in would give us more capital if we needed it. So it's not a thing for its own sake. We know we'll make a great public company one day and we'll get there when we get there.

So two things. One is we already know how to operate in a highly regulated context. So the gap between a tech company like us versus another tech company that just doesn't have to deal with scrutiny is pretty wide. So the gap for us from here to becoming a public company is not insane. Let's start there. But why become a public company at all?

So two things. One is we already know how to operate in a highly regulated context. So the gap between a tech company like us versus another tech company that just doesn't have to deal with scrutiny is pretty wide. So the gap for us from here to becoming a public company is not insane. Let's start there. But why become a public company at all?

So two things. One is we already know how to operate in a highly regulated context. So the gap between a tech company like us versus another tech company that just doesn't have to deal with scrutiny is pretty wide. So the gap for us from here to becoming a public company is not insane. Let's start there. But why become a public company at all?

I mean, you and I could come up, we'd take some time to come up with five names of great brands, great companies that we respect that are not public, right? So we feel like at some point it's good for the business, it's good for investors, it's good for the brand to eventually become public anyway. So that's what...