My mobile-only bank left broke (temporarily); but I’m still convinced it’s the future

While I’m generally cynical when it comes to most fintech startups (I’m British – cynicism is my default position), I’m a huge fan of Monzo. This UK-only banking startup lets you track your spending through a gorgeous mobile application, as well as spend with abandon while overseas without incurring any fees.

Monzo, like many fintech startups, hasn’t fully developed its infrastructure yet. When it comes to spending money through the cards, it depends on a third-party payment processor called Global Processing Services (GPS), which is based in Dubai.

Monzo isn’t alone in this. Other hot fintech startups that depend on GPS include Revolut, Curve, and Loot. And on Sunday, a technical glitch in what was supposed to be routine maintenance of GPS’ systems brought all these companies to a standstill.

For almost an entire day, Monzo customers could not top up their debit cards. When they tried to spend their money, their cards would be declined.

Customers, obviously, were unhappy.

For most companies, an event like this would be disastrous. People are, understandably, very sensitive when it comes to money.

But actually, this incident served to reinforce the trust I had with Monzo, and make me even more convinced that smartphone-only…

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