Businesses can now apply for a Monzo Business Account

Businesses can now apply for a Monzo Business Account
17.03.2020 11:19 am

Businesses can now apply for a Monzo Business Account

Banking , IT Innovations

Monzo has announced today that it is launching free and premium business accounts. From today, businesses can apply for a Monzo Business Account for £5 per month or a Business Lite account with no monthly fee. 

Both Monzo accounts are full UK current accounts and it's regulated by all the same rules as high street banks. Furthermore, eligible deposits in Monzo are FSCS protected up to £85,000.

Ian Bradbury, CTO of Financial Service at Fujitsu said:

“Monzo’s announcement that its customers can now apply for business bank accounts is another example of how the challenger bank continues to diversify its offering portfolio. Similar to other challenger banks, its business model allows Monzo to quickly implement and trial new offerings and solutions – for example the 12 months beta testing for this account with small businesses – to find what their customers prefer. This is perfect example of them acting quickly to implement new services in  an increasingly crowded and competitive marketplace.

“It’s clear that challenger banks continue to disrupt the world of traditional banks – so much so that our research found that 61% of leaders in the financial services industry said they have experienced radical change over the past five years. And technological innovation will play a critical role in the continued popularity of the disruptors in the financial services industry. However, as the sector matures, it will be interesting to see how these challenger banks differentiate themselves from one another.



Related News

Al Ain Finance selects Temenos SaaS to remotely deploy corporate banking solution during Covid-19

Temenos (SIX: TEMN), the banking software company today announced that Al Ain Finance will rapidly deploy Temenos Infinity and Temenos... Read more »

New digital-first bank – Monument – coming to the UK, to meet the needs of professionals, property investors and entrepreneurs

Monument reveals that it is in the latter stages of its application for a banking licence.  Monument plans to launch the bank of choice for the overlooked and underserved... Read more »

Royal Bank of Scotland (RBS) Leverages Mphasis’ Testing Centre of Excellence to Support Business Alignment Objectives

Mphasis (BSE: 526299; NSE: MPHASIS), an Information Technology (IT) solutions provider specialising in ... Read more »

OpenPayd unveils crypto banking and payments proposition amid unprecedented sector growth

OpenPayd, the API-led Banking-as-a-Service provider, today unveils its banking and payments solution for... Read more »

CaixaBank to enable non-residents to open an account and apply for a mortgage online

CaixaBank, Spain’s leading retail bank headed by chairman Jordi Gual and chief executive officer Gonzalo Gortázar, has become the country’s first bank to... Read more »

Paymentology eyes the Middle East as competition to attract digital-ready customers grows

UK cloud-based payment processor, Paymentology announces the expansion of its Middle East operation to meet the projected growth of digital banking in the... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel