Monzo is now minus the Plus
UK digital bank Monzo is getting rid of its fee-based account offering Monzo Plus, which offered users a range of added services and products such as additional ATM withdrawal allowances, travel insurance, contents insurance, airport lounge access, Monzo merchandise and more.
Monzo Plus originally launched five months ago and just last month the startup introduced bundles – a new feature for the fee-based accounts. With bundles users had the option to choose between three subscriptions -Traveller, Home and Supporter – each including a different set of products and services. For example, the Traveller bundle included worldwide travel insurance by AXA and the Home bundle included contents insurance from Urban Jungle. “Bundles haven’t been performing very well. So we’re pausing this direction for now,” wrote Shervin Farsani, Monzo’s product marketing manager. “We’ve seen a significant number of people sign up for the Supporter bundle, but not Traveller or Home. But overall, take-up of the new bundles isn’t what we’d hoped it would be.”
Monzo plans to go “back to basics” and start from the beginning along with bringing in a new team to work on a new paid offering.