Ioannis Monios

🚨 Don't Believe the Hype: Klarna 's GenAI Journey Unraveled Headlines about Klarna's use of GenAI have been making waves, touting revolutionary changes and massive cost savings. But let's take a closer look at what's really going on behind the claims. In my latest blog post, I take a deep dive into Klarna's GenAI deployment using our AI-Native framework, revealing: 📍 The true extent of their AI chatbot's capabilities (spoiler: it's not as groundbreaking as you might think) 📍The future impact on jobs and cost savings (hint: hold your horses) 📍What it takes to become a truly AI-native business (it's not just about implementing a chatbot) While Klarna's efforts are commendable, they're just scratching the surface of what it means to be an AI-native company. Klarna`s case study showcases the challenges and opportunities in designing a comprehensive roadmap for businesses looking to fully embrace AI and transform their operations. 🗺️ Read the full story 👉 Klarna’s GenAI Journey: A Case Study Using the ‘AI Native’ Framework 𝘐𝘴 𝘒𝘭𝘢𝘳𝘯𝘢 𝘛𝘩𝘪𝘯𝘬𝘪𝘯𝘨 𝘓𝘪𝘬𝘦 𝘈𝘯 𝘈𝘐 𝘕𝘢𝘵𝘪𝘷𝘦? https://lnkd.in/dwP43aPr I'd love to hear your thoughts! - Have you seen other examples of companies overhyping their AI initiatives? - Have you seen examples of Fintech or Hybrid companies that have deployed GenAI in the Customer Area beyond chatbots at contact centers? Drop your insights in the comments below! 👇 Let's have an honest discussion about the realities of GenAI adoption in business and where your business stands. 🎯 #AIHype #Fintech #AITransformation #GenAI #contactcenters

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Fintech’s IPO Moment – A Sign of the Times? Big moves are happening in fintech! 💡 Monzo Bank is ramping up for a potential IPO, hiring former Nubank and Barclays execs to strengthen its leadership as whispers of public listing grow louder​. Meanwhile, Klarna is making headlines with its formal U.S. IPO filing, celebrating its first profitable quarter​Sifted These IPOs represent a major turning point for the fintech sector. Once known for aggressive growth at all costs, the focus is shifting toward operational sustainability and profit. Here’s what makes this interesting: Monzo Bank: This UK-based challenger bank is laser-focused on expanding its footprint in the U.S. and Europe. Its strategic hires signal readiness for a new chapter of global influence. Klarna: Known for Buy Now, Pay Later, Klarna’s profitability demonstrates that even fintech unicorns can evolve into disciplined businesses, making it a key company to watch. 💬 These developments raise questions: Are fintech IPOs a reliable marker of maturity or simply a strategic cash grab in uncertain times? How will going public impact their ability to remain innovative while meeting shareholder expectations? We’re at a pivotal moment where fintechs must balance scaling with delivering value. Are these companies setting a new standard for the industry?

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Incredible interview 🎤 - Former Monzo CPO explains why building the Venmo for cross border needs Stablecoins. Having led product for Monzo, Meta and Deliveroo the key insight is that usability is everything. Stablecoins on Solana are - Fast - Reliable - Cheap Sling Money and Mike Hudack are solving the usability problem in Crypto by doing the hard things like 1. Heavy up front compliance work 2. Building native Crypto and Tradfi integrations 3. Making this truly global "The first major thing we spent money on was our financial crime team" You can find the full thing now but searching for Tokenized wherever you get your podcasts.

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Saw Monzo's latest results and wanted to share a thought. While Monzo's achievement of a first ever profit and nearly 10 million customers is noteworthy, it also highlights a common concern: the low profitability of digital banks often makes investors reluctant and apprehensive about the sector. However, digital banking is undeniably the way forward, and there are innovative solutions emerging that promise better profitability and growth. I am advising on a pre-seed round for a groundbreaking mobile banking product. This innovative platform allows customers to access high-interest rate current accounts in partnership with existing UK banks. Think of it as the Amazon of current accounts, consistently delivering market-leading interest rates. Impressively, the break-even point is very low. They offer EIS, and if you’re looking for an opportunity to truly revolutionize the mobile banking industry, get in touch to learn more about this investment opportunity. @Koodooka #Banking #Fintech #Investment #Startup

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Monzo co-founder Tom Blomfield has made a bold assertion - that he (and other tech bros) could automate ‘huge chunks’ of government in 2-3 years. 🏢 Blomfield's perspective reveals several fundamental misunderstandings about the nature of public service delivery. 🎖️ He equates running a digital bank with managing complex public services. 🧬 He fails to grasp the complexity of public services. 🏘️ Public services deal with intricate human needs and societal challenges that often resist simple technical solutions. 🙏🏽 Unlike tech products, they must serve everyone, not just profitable market segments. 😬 They handle complex edge cases and vulnerable populations. ⚖️ They balance multiple competing public interests. 🗳️ They maintain democratic accountability and transparency. 👨🏽‍⚖️ They operate within strict legal and regulatory frameworks. ♿️ They provide universal access regardless of cost. Blomfield’s view demonstrates a classic Silicon Valley fallacy - he equates customer transactions with citizen rights and entitlements. He also mistakes market efficiency for public good and he implies technical solutions can replace the need for social outcomes. There’s a fundamental misunderstanding here too in relation to public value. 💷 Public services cannot simply optimise for efficiency or profit. They must consider broader social impacts and externalities. They require careful consideration of equity and fairness. They need robust democratic oversight and accountability and they have statutory obligations that cannot be automated away. Blomfield’s 2-3 year timeline reveals naïveté too. He underestimates the scale and complexity of how things get done in government. He overlooks the need for extensive public consultation. He ignores legal and regulatory requirements. He dismisses the importance of proper impact assessments. He underestimates the risks of system failure to vulnerable populations. 🚻 Public service delivery is complex and requires careful, equitable implementation. 💻 Technological solutionism and private sector bias are naive at best and sinister at worst. Let’s not champion simple solutions or keep repeating the trope that ‘private sector best’ - although nor should we become entrenched in the view that ‘private sector evil’ when it comes to public services. We need to accept both public and private sector have lots to gain from collaboration. Hassan Chaudhury HonFAPM Pilar Fernandez Hermida Philippe GERWILL Clive Flashman 💙 Lee Davies

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Not just another yarn about outsource trading - so work with me here! 😀 I think it fair to say that the narrative around "outsource trading" has often been a negative one. Typically driven by largely unfounded fear and predisposed perception fueled by hearsay. We, at Tourmaline, have been flagging for a number of years, that the real driver of our business (most notably over the last 4-5 yrs) has been the adoption of our services by large managers that have their own internal trading desks. Literally none of the publicised negatives have played out (loss of jobs, loss of control etc) and yet a number of gains are never mentioned - most notably centring around enhanced execution outcomes and a reduction in operational risk and enterprise costs. Much of this success (from a Tourmaline perspective) revolves around how we are structured as a business and how we deploy the expertise that we have gleaned over many years. There is a genuine 'difference' in how we operate (there is no real comparable player in this space) which affords us a very unique position in the market. The attached article (referring to a new Coalition Greenwich report) goes some way to quantifying exactly the messaging that we have been trying to voice for some time: "Among 103 buy-side equity traders globally, 10% said they are paying commissions to outsourced trading platforms — a bigger penetration rate than expected" "Once resisted as a job killer, outsourced trading is now viewed as a compliment to buy-side trading desks — and part of investment firms’ strategy to cut expenses and keep up with technological shifts." As small as this may sound in the grand scheme of things, this growing acknowledgment is a hugely significant endorsement of our efforts. Whilst we are not particularly fond of any comparisons to other players in the space, we are keen that this particular thread gain more credence. We passionately believe that there is only one 'true' way to offer outsource trading services - one which resonates with all managers, regardless of size and scope and one that seamlessly compliments / enhances existing workflows. This, we feel, can only be delivered at its most optimal through independence in a 'pure' institutional grade buyside manner. Needless to say, we love discussing the subject to the nth degree! We work hard to underscore the value of what we do, day in, day out. So, if you have any questions or interest in finding out more, please do reach out.

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Monzo Bank is now the UK’s 7th largest bank with over 7.5 million users. What's surprising about this, is that they ✨ still ✨ grow through PLG 9 years after launch... Last year, Monzo's revenue grew 2.3X and new customers increased by 1.6 million - 66% of which came from word of mouth. It also hit profitability for the first time 💸 In the early days, PLG came in the form of their Willy-Wonka-style referral scheme and the bright orange debit card that quickly spread through London and other major cities. The Bandwagon Effect and Scarcity Principle made people wanna bag the cool, hard-to-get card for themselves 🧠🧠 Nowadays, I suspect that strong Product Market Fit and Network Effects drive growth. The Network Effect of the frictionless transfers between Monzo users means that Monzo is better when more people are on it. You’re incentivised to share with your friends. Their value proposition of 'banking made easy' is continuously delivered on too, with easy-to-open pots, seamless UI, good interest rates on savings, piggy banks, round ups & more. I’ve had Monzo for over five years now. I’ve fallen out of love with it at times, and fiercely relied on it at others. But there is a lot to learn about PLG and PMF with Monzo. Interested to see where they take the product in 2024 +. Do you bank with Monzo? Love/hate? let me know 👀

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Monzo Bank is the latest tech unicorn to achieve profitable growth after years of depending on large amounts of outside funding to fuel its growth. The company has posted a very nice profit of £15m, with revenues growing 2.5x and deposits growing 88%. Of course, like many fintechs they were helped by the higher interest rates in the last couple of years. But Monzo can take credit for being at the right scale when the interest rates shifted (which they did mostly through building the best customer experience in UK banking) and for pivoting to profitable growth at the right time. I've been a Monzo customer since its alpha days and even invested a bit in one of its crowdfunding rounds, so it's safe to say I'm a diehard fan. Still, I have to say they have never been as innovative and productive as they have in the last couple of years, finally building some revenue-generating products popular with customers. We will have to see if this trend continues, as interest rates are expected to fall over the next few quarters. https://lnkd.in/eHZ5Ayf2

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The UK's approach to AI regulation has been to leverage existing frameworks instead of creating new laws. It's efficient, but it’s complex. I've taken a crack at mapping out how the UK's core AI principles (Accountability & Governance; Safety, Security & Robustness; Transparency & Explainability; Fairness; Contestability & Redress) align with current regulation to come to a set of tasks you need to have covered if you’re implementing an AI system in the Uk. Here's what I've found: Key regulations are: UK General Data Protection Regulation (with particular reference to article 22) Privacy and Electronic Communications Regulations (PECR) Basel Committee on Banking Supervision PRA's approach to AI and Machine Learning in Financial Services (PRA's supervisory statement model risk management for Banks). Financial Services and Markets Act 2000 (FSMA 2000) Financial Ombudsman Service (FOS) rules I’ve also made reference to the EU AI Act 1️⃣ Accountability & Governance:    🔑 Key tasks: Assign AI oversight to senior management Set up AI governance committees Develop comprehensive AI management policies   📜 Relevant regulations: EU AI Act, Basel Committee guidelines, PRA SS1/23 2️⃣ Safety, Security & Robustness:    🔑 Key tasks: Conduct risk assessments for ALL AI systems Classify AI systems based on risk levels Implement risk mitigation measures Maintain an inventory of all model Comply with prohibitions on high-risk AI (aligned with EU AI Act)   📜 Relevant regulations: EU AI Act, Basel Committee guidelines, PRA SS1/23 3️⃣ Transparency & Explainability   🔑 Key tasks: Standardise AI model development Document all models thoroughly Establish independent validation Protect personal data Get explicit consent for data processing Ensure AI decisions are explainable Monitor AI systems continuously Obtain consent for marketing comms and opt-out requests   📜 Relevant regulations: UK GDPR, PECR, Basel Committee guidelines, EU AI Act 4️⃣ Fairness   🔑 Key tasks: Develop ethical guidelines for AI use Ensure AI systems are designed and used in a fair and non-discriminatory manner Train staff on ethical AI practices Regularly audit for AI bias   📜 Relevant regulations: EU AI Act, UK approach to AI regulation, Basel Committee guidelines 5️⃣ Contestability & Redress   🔑 Key tasks: Create clear processes for contesting data use Train on contestability and redress Test redress mechanisms Investigate compliance failures   📜 Relevant regulations: Financial Services and Markets Act 2000 (FSMA 2000), Financial Ombudsman Service (FOS) rules While this approach is flexible, it's also incredibly complex. I'm curious to hear from my network: 👉 Do you see any gaps in this framework? 👉 Where might regulations overlap or duplicate? 👉 How does this stack up against AI regs in other countries? #AIRegulation #UKTech #FinTech #Innovation #RegulatoryCompliance

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Are you an early-stage company looking for Pre-Seed, Seed and Series A Round funding? ⬇️⬇️ - We cater to startups looking for investment ranging from £150k to £10Mil, specifically within the UK/EU. - Our investor network is eager to delve into diverse sectors, maintaining an open approach to ALL industries. - Particular interest lies in sectors such as: • SaaS • Fintech • Marketplaces & Platforms • Computer Vision & NLP • Enterprise Technology • Industrial Automation • The Transition to Sustainable Energy • Artificial Intelligence & Data Analytics • Software Development Tools 🚀 Jumpstart your funding journey by registering at FundMyPitch.com and create your pitch today to link up with our wide-ranging network of investors. #fundraising #angelinvesting #startups 🤝 Know a startup on the lookout for investment? Help spread the word

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This latest story on Monzo Bank (covered here by Sky News) is obviously great news for the tens of thousands of Crowdcube investors who previously invested in the company. Those that backed the business in 2016 at a pre money valuation of £29m will be especially pleased with themselves. The more interesting story for me is the continued normalisation of large secondary liquidity events for staff while companies continue to remain private. Revolut have done it recently and both they and Monzo have followed their peers in the US in structuring these types of deals. Continued regulatory support with the introduction of things like the Public Offer Platform Regime means companies can turn to both institutional investors AND their customers and retail investors to deliver sizable secondary liquidity events for employees and early investors. Our software coupled with our regulatory permissions in the UK and EU means we can seamlessly manage thousands of sellers at a time for companies. We can also convert your customers and users to buyers of those shares, providing buy side liquidity at the same time. https://lnkd.in/ewAjY_mG

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ONS Releases New Fertility Rate Data for the UK 🇬🇧 Allow me to unpack this, so you don’t have to… The Office for National Statistics (ONS) has just released data showing that the UK’s fertility rate has dropped to 1.44, among the lowest on record and far below the replacement level of 2.1 required to sustain population numbers. With a current population of approximately 67 million, this low birth rate marks a demographic turning point. This year’s figures are already the lowest since records began (give or take a few thousand births), and with continued declines, next year’s rates are projected to hit a record low. Without immigration to counterbalance the low birth rate, the UK could see an accelerated population decline, with projections estimating a drop to 63.7 million in 10 years and 60.6 million in 20 years.. With fewer births, the age structure of the UK population is shifting. A lower birth rate can have both positive and negative effects on society. Let’s explore some of the potential consequences Pros: 🌲 Reduced Environmental Strain Fewer people can mean lower consumption of resources, leading to reduced carbon emissions and easing pressure on public services and infrastructure. This could support efforts to meet environmental goals. 📚 More Focused Resources for Children A smaller population may allow more targeted investment in each child’s education, healthcare and overall development, potentially enhancing individual quality of life and future workforce skills. Cons: 👴🏻 Aging Population With fewer young people, the population balance shifts toward older generations. This places pressure on healthcare and pension systems, as a shrinking workforce must support a growing number of retirees. 📉 Economic Slowdown A declining population can lead to reduced demand for goods and services, potentially stifling economic growth. Fewer working-age people can also create labor shortages in essential sectors. As the population shrinks and ages, government pension obligations will grow heavier. Fewer working-age individuals will be contributing through taxes to support a growing pool of retirees, potentially straining pension funds and leading to reforms such as increased retirement age or higher tax contributions to sustain future payments. How do you feel about the possibility of a declining population ? Would Love to know your thoughts… Image Office for National Statistics

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🌍💚 Exciting News! 💚🌍 Our latest blog post is live on the Tred website, and it's a must-read for anyone interested in sustainable and ethical banking (link in comments) 🌱💼 Tred isn't a bank; we're a green business account provider, proudly certified by B Lab UK and 1% for the Planet. We're on a mission to make money work for both people and the planet 🌟 In our new blog, we delve into what makes a bank truly green and ethical, covering key topics like: 1. Fossil Fuel-Free Investments 🔋 2. A Path to Net Zero ♻️ 3. Social Impact Initiatives 🌍 4. Transparency and Accountability 🔍 5. Customer-Centric Approach 🤝 We also highlight some fantastic green and ethical banks that are leading the way: Coop Bank, Triodos Bank, and Charity Bank. Each of these institutions is making a significant impact by prioritising sustainability, social responsibility, and transparency 🌐🏦 If you're passionate about aligning your financial choices with your values, read this blog post, and follow along with what we're doing at Tred. Discover how you can join the movement towards a greener and more ethical financial system 🌱💪 Read the full blog using the link in the comments. Let's make a difference together 🌍 #sustainability #ethicalbanking #greenfinance #netzero #socialimpact

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Noticed that the recent "The Future of UK FinTech: 2015 – 2035" report features stats on embedded finance adoption in the UK, amongst the UK fintech trends it talks about. Some standouts for me: Adoption of Embedded Finance Three in five (60%) UK adults have used embedded finance services as part of the checkout process when shopping online in the past 12 months. Weavr's focusing on B2B embedded finance, but its great to see embedded finance being broadly adopted in the UK even with consumers. This all helps to reshape customer - not just consumer - expectations in how financial services are accessed. Integrating financial services into non-financial platforms should become normal, expected, unremarkable. Investment in UK FinTech  Despite a 34% drop in fintech investment in 2023, the UK remains a European fintech leader, attracting more funding than France, Germany, China, India, Brazil, and Canada combined. Janine Hirt, CEO at @Innovate Finance: “In 2023 alone, UK FinTech attracted $5.1bn in investment, second globally only to the US and ahead of all of the next 28 European countries combined. The UK is without a doubt a global leader in financial innovation and technology, but other countries are catching up quickly.” Which makes UK is a great place to build an embedded finance company ;-) #FinTech #Innovation #Investment #SMEs #Weavr #UKFinTech #FutureOfFinance @finextra @weavr 🔗 Read the full report here: https://lnkd.in/e7b25sWg 

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🏦 🏦 🏦 Founders beware of banks 🚩 "Business banking is easy." For a company with no external shareholders, nominees, complex fund structures, or corporate shareholders, the answer is probably yes. But every week, I see a venture-backed company get stuck because Starling Bank, Revolut, Monzo Bank or any of the other challenger banks (and sometimes even high street banks) either close or freeze company bank accounts. The reality is that opening a business bank account is easiest before raising money when that shareholder register is simple. In my experience, you should open as many as possible and always open High Street Bank accounts, even if it's painful and requires filling out many forms. In addition, every venture-backed company should have a current account with HSBC Innovation Banking as the gold standard minimum requirement. Of course, as companies progress and reach a later stage, more complex banking requirements (interest, multi-currency, FX hedging, overdrafts) are required. Over the last few years, I have seen banks demand companies provide all sorts of unattainable information, including AML/KYC on every underlying investor in a fund (impossible), a list of all beneficiary owners in a fund (impossible), contractual reviews of nominee and custodian relationships with funds, a notarised letter outlining why the fund is a shareholder and the list goes on. I appreciate this kind of stuff is boring, but when a bank gets frozen 2 days before payroll it suddenly moves to the top of the priority list for founders.

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👀 Kicking off 2025 with good news - that SuperFi has been selected as one of the Top 100 Startups to Watch 💯 The Startups.co.uk 100 list represents the UK’s most innovative new businesses, selected by independent industry experts without any entry fee. 🏠 Our inclusion recognises the urgent and innovative work we’re doing with councils, housing associations, and other partners to drive real change during the UK’s ongoing Cost of Living crisis.    🚀 Stay tuned - big plans for 2025 are on the horizon, and we’re just getting started! Link in comments. #SuperFi #StartUps100 #SocialImpact #TechForGood #FinTechForgood #CostOfLivingCrisis #Debt #PersonalFinance

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Have you experienced the new iOS 18 peer-to-peer (P2P) features? It's a beautiful evolution in user experience (UX), while not groundbreaking, enhances what we've seen before. Why It Matters: - UX is King: Apple's focus on seamless, intuitive user experiences continues to lead the way. - Closed-Loop Networks: The new P2P features highlight the power of closed-loop networks, offering secure, scalable solutions. - Connectors Are the Future: The ability to effortlessly connect closed loops networks to make them interpobable and is the future. #ios18 #p2p #apple #payments

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