UK-based neobank Monzo has launched current account services for small and medium-sized enterprises (SMEs) in the kingdom, the media reported.
Monzo carried out an extensive trial period for its new current account services that lasted around 12 months and saw participation from 2500 businesses in the UK.
Tom Blomfield, chief executive at Monzo told the media, “We’ve heard how difficult it is to find a business account that delivers what businesses need—and have also heard over and over that, it can take days, and even weeks, to get an account up and running.”
“Companies need stress-free banking that just works, so they can focus on what’s important—growing their business.”
Monzo has introduced two new segments in this current account category. Firstly, a free Business Lite account which includes a basic business account, receipt scanning, and web access, and secondly a £5/month business Pro account that adds tax pots for automatically saving towards a tax bill, invoicing, multi-user accounts and more.
In order to access the new current account services, businesses will be required to have a Monzo personal account.
According to reports published earlier this year, Monzo is planning to re-launch its premium bank account services. Monzo launched the product in April 2019; however, it was taken offline in September after poor customer feedback.
Monzo, along with Revolut and Starling Bank are preparing for a potential shutdown to curb the spread of the Covid-19 virus. Reportedly, most of these neobank’s staff are working from home.
Monzo, which is yet to make profits, is planning to add 500 new members to its workforce this year. This neobank currently has 4.8 million customers in the UK.