Banking whishes from an incarnated entrepreneur

(Lars Lemming) #1

As a serial start-up entrepreneur, I often wish that a bank would re-invent them self, but with Monzo, this would not be necessary, as it has not yet completely invented it self!
Thinking out of the box, I imagine a holistic system, where the needs for small start-ups were all accessible from one integrated platform, a platform which included:
• An e-commerce platform which included a merchant account and enabled exposing prices in a variety of currencies with different sales tax rates (varies all over Europe).
• A stock keeping platform with the ability to automatically place orders with suppliers.
• A shipping platform which would let one print out all documents including labels, as well as order collection of consignments – whether from the company or its suppliers (could even imagine that the bank had negotiated discounted rates with a few shipping companies).
• A cloud based accounting system, where one could do the legers/accounts, preferably with different currencies.
• A crowd credit system where it would be possible to “borrow” for business purposes from the crowd at reasonable rates – perhaps based on a rating from the bank.
• A crowd funding system to raise risk/equity capital – perhaps based on ratings from the bank.
• An account holders loyalty program, where holders of the business accounts – and perhaps the bank – would reward other people holding an account with the bank for shopping with the business customers.
• A platform where account holders could make available their products and/or services to other account holders.
• An account which would be available for any business holding a valid company registration number (and perhaps valid VAT number) in any EU country.
• Regional or national business clubs where small business owners and start-ups holding an account can meet and learn from each other and perhaps other experts.
• A network of potential mentors which the account holders can have access to.
• A network of accountants and legal advisors which is available to the small business owners and start-ups at reduced rates.
If the bank acted as a facilitator and the small business owners and start-ups kept in mind that “many a small stream make a big river”, these could result in big savings – in time as well as monitory sense – for all the account holders, and create even more loyal account holders towards the bank, who would at the same time create a huge network of “brand ambassadors”.
Now I am aware that parts of the above would probably be very difficult to build in to an app in a user-friendly way, but then again, it should all be possible on a tablet or a computer with a browser and internet access!


Monzo will only be providing personal accounts but you can try Tide for business accounts


Some of these I believe could be built on the API by others.

Others are more of a “Why would Monzo do that?”

(Tommy Long) #4

Are you sure you’re on the right website? Monzo is personal banking, they’re not even considering a business offering, let alone a one-stop-shop for start-ups