We’re launching the first 100 Monzo Business Accounts!


#41

Awesome - Thank you (not that I’m a business user!)

What is the criteria for adding more users to the account?

Do they also need to be Monzo personal users?


(Chris C) #42

I’m really excited to see how Monzo build the business account. I am currently Business banking with Barclays and it is a great account. I now have a business overdraft with them but I am paying a bit too much for this account.

I have recently signed up with Coconut and Mettle so I am very interested to see what Monzo brings to the game! I am working on a business blog at the moment for freelancers to compare business bank accounts and get the answers if you really need one.

For me, the things that the 2 competitors above are lacking is a freeagent integration. Both have them part of their roadmap though.

It’s a very exciting time for banking and amazing to see companies like Monzo put the pressure on the big names to up their game.


(Jack Cully) #43

Hey @DipperDolphin!

To start with, it’ll be quick and easy to set up - our test users will be able to make payments, bank transfers, pay in cash & cheques and have multiple users on the account. They’ll also have Pots, and more!

This is the very beginning, though - we’re super excited to be building something with our customers :blush:

What would you like to see as part of business banking?


#44

Would it estimate tax? Thanks! :slightly_smiling_face:


(Jack Cully) #45

Not at this test stage, but it’s something we’re hearing a lot about from business users - so we’re thinking about it!


#46

Awesome, thank you! Best of luck :grinning:


(Adam Williams) #47

Sounds reasonable, thanks for the prompt response :slight_smile:

Do you know if the accounts will be accessible via the developer API in the same fashion as the personal accounts? The API was a big plus for me personally when I first got involved with Monzo’s Android beta.


(Jack Cully) #48

It’s a pleasure!

In this initial test - the developer API will work - but it might not be completely polished just yet.


(PhilB) #49

In vague order of importance to me personally:

  • Fully featured, first party web interface for use on desk/laptop (approvals etc can still happen on mobile)
  • Bank feeds for Xero, Quickbooks Online, Kashflow, etc plus API access to get statement data etc
  • Pay batches by uploading a CSV (for no additional charge over individual payments)
  • Multiple virtual and physical cards assignable to staff (would entertain an additional service fee, though probably not an additional card fee, for access to this)
  • SEPA, SWIFT & CHAPS (okay for these to be at an additional charge)
  • Hold and exchange balances in multiple currencies
  • Multi-user, ACLs, Complex mandates (egs: more than one signatory required to execute, creator-only vs approver roles for setting up/executing payments, user payment limits - this includes configuring anything upto at least £100k or so daily payment limit for users etc)
  • API payment execution (to pre-configured payees, with pre-configured payment limits would be acceptable as an initial security control)

(Daniel Yates) #50

This is so exciting! Currently business bank with Santander but their app is terrible. Can’t wait to see what features the Monzo business account will have


(James Berry) #51

I love my Monzo current account. My business account is with Metro, and that is fee-free for low transaction volume accounts (50 per month) that hold a balance of £5000. I find that being a sole trader get free business banking. I do pay to integrate with Xero via a direct feed though, which is £1/month.


(Nick) #52

This will change. Maybe not for sole traders/small businesses, but my understanding is that Starling will at some point start charging for business accounts for larger businesses.


#53

When will we be notified if our business has been selected for the trial? I’m afraid I can’t be as casual about this as I was with my personal account. Tweaking my business banking setup requires some serious planning ahead


#54

So you are saying it won’t change?


#55

I received the below email but no clue if this means I’ve been accepted for the first beta or I have to wait for the next batch?


(Tristan Thomas) #56

What does the rest of the email say?


#57

I’m afraid it doesn’t really say anything but “please wait”.


#58

Ha! I haven’t had the above email and now I’m second guessing myself on whether I put the correct email address in the form! :thinking:


(Colin Robinson) #59

Looks like you’re waiting then :wink:

Edit: maybe someone who has got in could post their email so we know what a positive result looks like?


(Jordan) #60

Hey Nathan! Hopefully I can add some additional context here. :slight_smile: We’ve been moving fast on business banking, but have a small dedicated team to make sure we get it right.

We still have a ton of amazing people working on current accounts, improving and adding new features all the time. In fact, the vast majority of the team is focussed on making the current account as great as it can be! We’ve also been growing the Monzo team over the past few months! So definitely be on the lookout for some of the things you’ve called out coming soon. :slight_smile: Also, check out the blog post from Tom where he talks about some of the other things we hope to achieve this year!

Hopefully :crossed_fingers: we also win some funding from the Capability and Innovation fund to be able to invest more time in making business accounts even better! Watch this space!