Those were the words from Tom Bloomfield - founder of British Neo Bank Monzo.
You don't usually hear those words from the founder and CEO of a bank. However, Monzo was part of a new wave of challenger banks leading the charge with consumer-based financial tech.
If you had asked me 'how could I create an MVP for a bank?' I would have honestly said "you can't" until I witnessed how Monzo pulled it off.
Let's get straight to it 👇
Instead of waiting for their banking license, building their card processing stack Monzo instead bought some prepaid cards, piggybacked on another bank’s license and card processor.
They then created the first version of their mobile app which basically allowed you to see your live transaction history and launched it to an early group of beta users for feedback.
This allowed them to get their MVP in the hands of users potentially years earlier than it would if they went down the traditional route.
By building a simple and lean MVP and learning at the earliest stages, they avoided what could have been a costly and potentially a feature-rich failure. Better to fail fast and readjust, than to learn the same lesson after spending a ton of time and money.