We’re excited to share that, from today, we’ve launched two business bank accounts
We’ve spent the past 12 months building an account that makes banking effortless for small businesses.
With your help, we’ve built a business account fit for the 21st century. Thanks to everyone that joined the waitlist, and the 2,000 businesses who signed up to an account, over the past 12 months.
The feedback, stories and time spent together has helped us create an account built around you. And together, we truly believe this is a business account that just works, so you can get back to what matters most: running your business.
We’ve been so inspired by what gets people into business in the first place – loving something so much that you want to spend all your time on it, or the freedom to choose your own projects, your own hours and be your own boss. We’re so excited to take away some of the financial admin and problems you’ve faced with other business bank accounts.
We’ve been learning from your feedback
Over the past year we’ve spoken to many of you who joined the waitlist, to see what you need from a business account. For the first few months, 100 of you signed up as we built out the account and learned from you each step of the way.
Here’s what you told us about
Opening an account elsewhere is often difficult
Many of you shared experiences of opening an account elsewhere – telling us how painful the process was and that it can take weeks to be set up. So we built a sign up process that can be completed from your phone, with no need to make any appointments. We only ask the questions we really need to, to comply with regulations.
Financial admin is repetitive and time-consuming
And lots of you said you struggle to get a clear view of your cash flow. We’re pleased to say that the days of manually downloading and uploading transaction files are over. You can now automatically sync Monzo transactions with accounting tools like Xero, QuickBooks and FreeAgent.
It’s hard to know if you’ve saved enough for tax
We’re so passionate about doing more to help this problem, so you can worry less and have tax take care of itself. Our first step is Tax Pots. Just choose how much you want to put away for tax, and we’ll automatically move the money into a separate Tax Pot each time you’re paid. It’s really simple.
Today we’re launching 2 accounts, so you can choose whats best for your business
Say hello to Monzo Business Pro and Monzo Business Lite
Monzo Business Lite: the best of Monzo but for your business, with no monthly fee. A full UK current account including mobile and web access, instant notifications, Pots to separate your money, free instant UK bank transfers, award-winning customer support and more.
Monzo Business Pro: your business’ finances taken care of, for £5 a month. A full UK current account including everything in Business Lite, plus Tax Pots, integrated accounting, multi-user access for limited companies, invoicing and more.
We’re a fully regulated UK bank, regulated by all the same rules as high street banks. Your eligible deposits in Monzo are protected up to £85,000 by the FSCS.
Head to our website to see all our features and compare accounts.
We’re always looking to learn and improve
We truly want to make money work for everyone, and this includes businesses. We’ll keep moving towards our vision of being the hub for all your business finances, whether that’s directly or through a partner. In future, we want to support even more types of businesses. And in the meantime, we’ll carry on getting your ideas and feedback so our business bank accounts can keep getting better.
Here’s a sneak peak of what we’re focussing on next, based on your feedback. None of these are live yet, but we’ll let you know updates as soon we have them.
Business categories: Group incoming and outgoing payments in a way that suits your business.
Batch payments (web only): save time by paying employees, suppliers and expenses in one go, instead of one transfer at a time.
International payments: take your business to the next level by sending and receiving money around the world.
We want to take care of your finances, so you can get back to doing what you love.