Monzo spent 12 months building a business account for SMEs that has been launched March this year and managed to attract 50,000 customers according to AltFi.
The early access has been given to 2,500 business customers. The key thing Monzo came up with was a free business account as well as a premium one.
The free Monzo business account called “Business Lite” has very similar features to Monzo’s consumer account, with the addition of providing web access and not just mobile app-based banking.
However, the paid business account called “Business Pro” costs £5 per month and has various business features, including “Tax Pots,” which lets businesses put aside a percentage of inbound payments in preparation for a future tax bill (a simple but fairly ingenious feature) integration with third-party accounting software, multi-user accounts, and in-app invoicing tools, as TechCrunch reported.
About 70 % of the SMEs using Monzo’s business accounts are located outside Greater London, with 58 % being even from outside of Southeast England.
Jordan Shwide, general manager for business banking, said: “Over the last 6 months, we’ve heard hundreds of stories from our business community about how Monzo Business has given them peace of mind and made their lives better.”
“Our vision now is the same as it was on day one – to be the center of their business finances. We’re building Monzo Business because we believe business banking should be better, and our journey is just starting.”