Posted on February 11, 2019 by staff

Challenger bank Monzo opens up to SMEs in new trial


Digital challenger bank Monzo has announced it will launch its first round of business accounts.

In the first stage of beta-testing, the London-based company will accept the 100 SME business applicants, and said it hopes to open the service up to small businesses by the end of the year.

The company said it will work closely with its initial users to understand what problems it can solve.

“In the future, we’d love to become the financial hub for every company in the world. For now, we’re starting small with a trial of 100 businesses, and then expand slowly,” said Jordan Shwide, Monzo operations analyst.

“We will work closely with our initial users to understand what problems we can actually solve, what works well, and what doesn’t work so well.”

Monzo first announced its plans to open business banking it November of last year.

Existing consumer accounts offered by the company are free to use, and offer the ability to include business expenses.

The Sunday Times reported that users of the business account will face a small charge.

The FinTech company features on BusinessCloud’s 101 FinTech Disrupters list.