Monzo Reaches Out to SMEs for Business Banking Plan

Monzo has opened a waiting list for up-and-coming business clients. The digital bank says it has accepted its first 100 applications for Beta testing, after speaking to over 200 small business owners who reported problems with their existing accounts from high-street banks. “Your feedback made it clear that business banking is broken,” says Monzo operations analyst Jordan Shwide, in a blog post. “Your business isn’t only defined by your turnover or your headcount. Maybe you’re small but growing fast. Maybe you’re small but happy to hold steady. Maybe you want sophisticated cash flow analysis. Maybe the thought of tax returns brings you out in a cold sweat. “We won’t lump you in a big bucket labeled small or medium-sized alongside businesses you’ve got nothing in common with. We want to offer you a set of features that solve the problems you’ve actually got, helping you to achieve your goals.” “We won’t lump you in a big bucket labeled small or medium-sized alongside businesses you’ve got nothing in common with. We want to offer you a set of features that solve the problems you’ve actually got, helping you to achieve your goals.” Monzo first hinted at its intentions to move into business banking late last year. Its ambitions hinge partly on whether it can secure a cash hand out from the RBS bail-out fund. “If we’re successful, that money will give us the resources we need to make business banking a priority, and hopefully launch something in the next year or two,” says Shwide. “If we don’t get the funding, we’ll still build business accounts. It’ll just take a little longer.”