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I'm not sure how they were ever a rip off of Revolut.
Revolut's USP is that they allow you to hold balances in more than one currency at once.
Monzo never professed to allow you to do this, it just didn't charge for withdrawals abroad, which they do now.I like that Monzo instantly updates when I spend money, I like that it categorises things automatically. I like the ability to freeze the card from the app if it's lost/nicked. I like that when I needed a customised PDF report for my mortgage that I could chat to someone on the app and got something emailed over the next morning.
So I see them as competing with high street banks rather than solely with other challenger banks.
duncs
aggi
Given that Monzo mainly appeared to be a rip-off of Revolut I'm not sure why it became so popular (other than the marketing of a hipster pink card).
I guess it did the tactic of offering unlimited overseas withdrawals for a brief spell to get the subscriber numbers up.