8.6 C
New York
Saturday, April 17, 2021
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.”

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

Recent posts

How are transfer apps building trust with their users?

For a few years now, consumer attitude towards finance and banking has been changing. A rapid rise in digital consumption has resulted in more technology and innovation than ever before, with total fintech investment in Europe skyrocketing to $58.1bn in 2019.*

Monzo partnered with RAC to enhance its premium options

Monzo has reached a combined total of 135,000 customers for its two premium bank account options since their launch in 2020 and now it extends their benefits.

Revolut adds 11 new crypto tokens

Revolut announced this Thursday that 11 more crypto-tokens were added to the option for users to buy and sell.

Starling Bank and Funding Options join to support SME’s

Starling Bank and Funding Options decided to join forces and help SME's with their recovery in 2021.