8.6 C
New York
Sunday, July 21, 2024
Home Challanger banks Monzo reached 50,000 business accounts since launch in March

Monzo reached 50,000 business accounts since launch in March

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.

Read also: Klarna becomes Europe’s most valuable fintech hitting over $10 billion valuation

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.”

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

NEW Revolut UK CEO to make Conference Debut at MoneyLIVE Summit

MoneyLIVE has today announced that Revolut’s newly appointed UK CEO will be making her conference debut at MoneyLIVE Summit 2024, which is...

2024’s Financial Innovators: A New Era of Banking Startups 

In the wake of the COVID-19 pandemic, our world witnessed an unprecedented shift towards digitalization. The banking industry, in particular, has been...

C-suite Banking and Payments Leaders From Across Europe Set to Meet at London’s MoneyLIVE Summit in March

On the 6-7 March 2024 MoneyLIVE Summit will return to London’s QEII Centre to unite over 1000 banking and payments leaders from...

The Evolution of Digital Wallets: A Shift from Physical Cards by 2030

By 2030, we can expect digital wallets to become the preferred payment instrument, offering a myriad of non-payment-related services for consumers.