The FT are reporting that Monzo are entering business banking and will be bidding for funds to help them to do it:
Can’t read article without having to join FT.
Google ‘Financial times Monzo enters business banking’ and you’ll avoid the pay wall
Here’s the key quote:
Tom Blomfield, chief executive, said Monzo planned to launch a product for small and medium-sized companies that had been “mistreated” by larger lenders.
Smart but also quite stupid in my opinion… starling seem to really have stolen the march with this one so im quite hesitant with this one.
Surely monzo would be better suited to focus on the current account for now.
It wouldn’t happen til next year though so wouldn’t that be enough time for both? Besides, that article says it’s unsure if they’ll even get the funding
I really hope Monzo gets the grant to accelerate this. I’d move my business banking over in a heartbeat.
My point was more if business accounts was on the roadmap for next year… surely they should have prioritised it to get it at least partially done with a minimal customer base before the grants were dished out at the end of this month.
Why raise £80m privately (sounds right in my head? someone call me out if wrong) and then turn around and use it to build a business account which developments costs could have been partially/fully reimbursed if started a few months earlier.
Obviously I dont work for Monzo and they could have been sneakily working on business accounts all along but if this was always the plan (to launch in time to compete for the grants) then it was quite foolish to leave it with such a short window to grow a business customer base to give themselves a good chance of receiving a chunk of the grants.
Once again I feel Starling have got it spot on and Monzo are late to the party with this
Starling have got a pretty good implementation of Business Banking I think so it’ll be interesting to see how Monzo fare.
Now that the formal blog post has gone up, I guess we ought to concentrate discussion over there: We’re planning to launch a business current account