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I would also add as I explain in early discussions with Fintech start ups "it doesn't matter if you only have 1 customer and only process 1 transaction, your MVP can never compromise on Security".  An MVP of a product may be a reduced set of features and functions to get to market and acquire your early adopters, but there is no MVP or compromise for Cloud security, App security, Data security and Payment security.

I beg to differ with your conclusion and you certainly don't make the case for only using onshore developers. You correctly point out some of the requirements, specifically good communication and collaboration, knowledge and experience with cloud/security and fintech apps and awareness of global and local regulations.

The issue, however, is not the location of the people. Onshore or offshore doesn't matter. The most important factors, regardless of where someone is based, are the quality of the people being utilised, their knowledge and experience, their communication ability and, above all, their mentality and motivation.

I have successfully helped build and launch mobile banks, neo banks and a broad range of Fintech solutions around the world, including in Hong Kong, Singapore, United States, United Kingdom, Germany and Sweden.  All done by utilising high quality and highly motivated designers, software engineers and DevOps engineers from remote delivery centres in Central Europe.

Happy to debate and share insights with anyone interested.

The bigger question is why have 150,000 people left Monzo?  Were they shown the door by Monzo or were they good leavers? Given the basic account is free, would be very surprised to see that many voluntary account closures.