“It became very clear to me that the best case outcome would be to somehow persuade Meri to join us.” It was made clear, however, that Huckestein is going nowhere for now. As a co-founder, he intends to stick around and focus on, in true engineer-style, how he can apply the principles of system design to a people-based organisation. Monzo now has 750,000 current account users on its books. While it’s been hard to get back to the 5 per cent growth rates that the bank had before making the switch from its original prepaid card programme, Huckestein believes that a focus on UK growth is the way forward. For now, City A.M. understands that plans for international expansion, building new systems and moving into foreign currency trading are not being seriously pursued at the moment.
Our first priority is to really nail the current account in the UK. Once we’ve done that, suddenly the opportunities are endless for us to place our bets. We have some projects ongoing to improve our Public API platform, and see if we can get developers to develop cool new things on top of Monzo like attaching an Uber trip inside our app.He added: “From my perspective, the way it feels is that I built a ship and am now setting it to sail with a captain that I would blindly trust to steer it, so I can work on other things that I have a deep interest in.” Meri Williams will be officially taking over the role in September, while she handles her transition from Moo to Monzo. Huckestein, meanwhile, is off on his honeymoon.