Almost everyone at Cuvva has a Mondo card now. This has proven to be very useful for exchanging money here and there.
We’d love a feature where payments can be switched from the usual categories to “Cuvva” - just like how you can switch an Uber ride from “Personal” to one of the businesses you’re authorized to use.
The really great bit here is that it wouldn’t mean that I need a separate card for business spending versus personal spending.
We could even pay salaries with it, by sending the right amount of money, then just selecting the “Cuvva” option as the category.
Authorized account ‘admins’ could switch to a separate feed to see all company expenditure, and then we could hold a balance on that shared account.
I think business accounts are something Mondo should look to implement as soon as reasonably possible after they become a ‘proper’ bank.
The power of the API they offer would revolutionise the way small business uses banks. A webhook notification when a new faster payment lands in the business account? That would save a lot of time and effort.
Although it would be awesome, we’re unlikely to start doing business accounts in the near future – we have enough on our plates with personal current accounts!
Tom gave an update on business accounts yesterday in the Periscope chat (a link to the video’s in the post that I’ve quoted below). The answer to whether Mondo will create business accounts was a basically a categoric no.
