alexs
13 February 2017 22:53
2
I’ve got some good news & some bad news…
Monzo aren’t planning to offer business banking solutions, here’s Tom’s explanation -
We don’t plan to offer full business accounts because the requirements are so dramatically different. Multi-user access controls, card acquiring, accounting, invoicing, etc, etc
Sole-traders and freelancers are probably close enough to a personal current account that Mondo would work for those cases.
he recommends using Tide (who’re backed by the same investors that, partly, fund Monzo) instead. Tide has a fairly similar approach to building a bank. It’s still early days for them, in terms of their products, too though.
The good news is Monzo are keen on the idea of offering accounts to children, here’s Tom’s comment on this…-
https://community.monzo.com/t/monzo-card-for-under-18s/1689/6?u=alexs
I think this was the first time the idea was discussed -
Sharing mondo with a friend of mine who has children, they asked if you could have multiple cards controlled by one account. They were always conscious about giving their children cash incase they lost it and would like to give them a card like Mondo’s where they can top it up with certain amounts and freeze it of their child lost it. Of course the child is too young (under 18) for their own account, that’s why their cards would be connected to their parents account(s).
& there’s a few similar posts linked to that one. If you see anything missing, in terms of ideas though, please do share your ideas!
PS when it comes to children’s accounts, I’m a big fan of this sort of idea -
Stuart Taylor’s created this neat integration with the Monzo API which tells children about their recent account activity.
Pig eBank is a piggy bank, but rather than containing physical coins, it is connected to an online bank account.
And here’s how he made it -
This has also been shared on Hacker News in a post with the same title as the Medium post’s.
https://twitter.com/hugocornejo/status/790956558016454656
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