Prepaid card launches 'Move over Monzo' ad campaign
Prepaid card Viola Black has launched an advertising campaign in London, featuring the tagline “Move over, Monzo”.
The campaign started with the new year and Viola says it will “feature heavily on London billboards, buses, radio stations and digital platforms” for four weeks.
Monzo, a digital bank that offers a fee-free current account, launched in the UK in 2015 and now has 1 million customers. Viola Black charges a monthly account fee of £4 and £2.90 every time you withdraw from a UK ATM, while Monzo doesn’t have any monthly fee and also grants free ATM withdrawals.
Monzo has a full UK banking licence, which means customer deposits are protected by the Financial Compensation Services Scheme (FCSS) up to £85,000. Viola Black is also regulated by the Financial Conduct Authority through an electronic money licence, but it isn’t a bank.
“We don’t want to be the kind of company that loses money and, in line with our long-term business plan, have chosen not to rely on investment or crowdfunding from our customers,” said Viola Black.