TS Anil

The reason main bank matters is not just because of the fact that you get more share of wallet and higher ARPUs because you can get that same ARPU, even if someone's not using you as the main bank, but takes out another bigger product from you, you can get similar ARPUs.

The reason main bank matters is not just because of the fact that you get more share of wallet and higher ARPUs because you can get that same ARPU, even if someone's not using you as the main bank, but takes out another bigger product from you, you can get similar ARPUs.

The reason main bank matters is not just because of the fact that you get more share of wallet and higher ARPUs because you can get that same ARPU, even if someone's not using you as the main bank, but takes out another bigger product from you, you can get similar ARPUs.

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 the product is massive. And most customers' anxiety is also driven by the fact that their freaking wallet is fragmented. That I borrow here, I save there, I invest here, I insure there.

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 the product is massive. And most customers' anxiety is also driven by the fact that their freaking wallet is fragmented. That I borrow here, I save there, I invest here, I insure there.

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 the product is massive. And most customers' anxiety is also driven by the fact that their freaking wallet is fragmented. That I borrow here, I save there, I invest here, I insure there.

That is high anxiety for most people. And it doesn't let them optimize and make good decisions. But when you sort of consolidate that, when you bring it into a single context, there's so much you do on the back of that. Can I ask, what's the ARPU today? 145 pounds. 145 pounds. On the retail side. On the retail side. And 550 on the small business side.

That is high anxiety for most people. And it doesn't let them optimize and make good decisions. But when you sort of consolidate that, when you bring it into a single context, there's so much you do on the back of that. Can I ask, what's the ARPU today? 145 pounds. 145 pounds. On the retail side. On the retail side. And 550 on the small business side.

That is high anxiety for most people. And it doesn't let them optimize and make good decisions. But when you sort of consolidate that, when you bring it into a single context, there's so much you do on the back of that. Can I ask, what's the ARPU today? 145 pounds. 145 pounds. On the retail side. On the retail side. And 550 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 business. Can I just ask, sorry, how does that compare to a traditional high street bank? High Street Bank, which has disproportionate revenue contribution from mortgages, will probably be 300, 400. On the retail side? On the retail side. Wow. But that's mortgages.

I want you to pause there for a second because those numbers are part of the proof point about this idea of mission and business. Can I just ask, sorry, how does that compare to a traditional high street bank? High Street Bank, which has disproportionate revenue contribution from mortgages, will probably be 300, 400. On the retail side? On the retail side. Wow. But that's mortgages.

I want you to pause there for a second because those numbers are part of the proof point about this idea of mission and business. Can I just ask, sorry, how does that compare to a traditional high street bank? High Street Bank, which has disproportionate revenue contribution from mortgages, will probably be 300, 400. On the retail side? 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.

If you capital adjust, if you risk adjust, if you expense adjust, it obviously thins out very quickly.

If you capital adjust, if you risk adjust, if you expense adjust, it obviously thins out very quickly.

Two 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, a loan or an overdraft or monzo flex.

Two 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, a loan or an overdraft or monzo flex.

Two 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, a loan or an overdraft or monzo flex.

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 of the original mortgage in the future, the interest margin that we make on the savings product.

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 of the original mortgage in the future, the interest margin that we make on the savings product.