Digital bank Monzo launches business accounts

Keiligh Baker's picture

Digital bank Monzo will launch its first business accounts today as it attempts to find a more efficient way to generate revenue.

The bank will open a waitlist, initially accepting only the first 100 applicants into beta testing. Monzo said it hopes to fully launch accounts for small businesses by the end of 2019.

A press release stated: "Our first 100 customers will be able to get started quickly, pay and get paid easily, manage their money, keep track of budgets and expenses, and more.

"But, we know some things won’t work perfectly, and we’re okay with that, as long as you are too.

"We’re starting with a small test so that we can really understand how account features and our internal processes need to change before we can launch more broadly.

"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."

Though Monzo's personal current accounts come with no fees, the Sunday Times reported that users of the business account will face a small charge.

City AM reports that Monzo raised more than £100m in a large funding round late last year, and is valued at over £1bn.