In a previous article, we discussed Monzo’s hotly-anticipated business bank account offering. We were sad to read that they had failed to secure part of the RBS fund dedicated to improving banks offering services to SMEs. However, on 24th June, Monzo issued an update on the project. We take a look at what they have planned for this exciting product.
Successful Alpha Testing
Back in February 2019, Monzo launched a small alpha test of their business bank accounts. 100 lucky sole traders and limited companies received a trial of the service, and it certainly seems like it’s been a success. Monzo is now rolling out more accounts to people who signed up for the waitlist.
100 lucky sole traders and limited companies received a trial of the service, and it certainly seems like it’s been a success.
Around 15,000 people have so far registered their interest in the product, and they claim to be ‘slowly’ working their way through the waitlist. If you’ve signed up to test, keep an eye on your existing Monzo app (or email, if you don’t have the app). They’ll be sending out invites gradually, but according to their blog post, ‘it might still be a while’ before they can offer everyone an account.
Monzo Business Account Features
Their vision is for the app to be the ‘financial control centre for your business.’
Along with announcing the expansion of their test accounts, Monzo also outlined further details of what to expect from their business offering. Their vision is for the app to be the ‘financial control centre for your business.’ This means making it a hub that connects with various other aspects of your business finances, including insights and admin.
Some of the other features Monzo outline in the blog post include:
Easy setup. Like their personal account, you’ll be able to register and get started in minutes, with only the basic business details needed.
Admin automation. Various aspects of your admin will be automated, including tax returns, calculating tax, sorting expenses and more. They also plan on integrating with industry-leading tools such as FreeAgent and Xero.
Customisable insights. You can set up reports and alerts about your finances. You can get notifications about upcoming payments, spending notifications, and overviews of your cash and account receivables.
Payroll and invoicing. Tools to help you set up and send invoices, manage payroll, and manage your payments will be accessible with a few touches. You’ll even be able to add employee accounts.
Business tools. They plan on offering business loans and insurance, as well as having a network of accountants for you to access. The loans will be made available by Funding Xchange, not Monzo directly.
All of these features are available in addition to the standard features you can already find on the Monzo current account.
One additional feature that Monzo unveiled was their ‘ideas board’. This is a place where they can share information on the progress, including a product roadmap. Interestingly, it’s a Trello board that collates all the essential information into one place. It’s a nice touch, and we’ll be eagerly watching it for any updates.