Monzo Tops 500,000 Business Customers and Launches ‘Team’ – a New Plan That Solves Pain Points of Bigger Small Businesses

Leading digital bank Monzo today announces that it has over 500,000 business banking customers and launches a new plan for bigger small businesses called ‘Team’. The new plan gives business owners more control over managing their finances and saves them from endless expense admin.

Team, banking for bigger small businesses, done the Monzo way:

• Expense cards: Business owners can effortlessly oversee employee expense spending by selecting team members and setting limits. Employees get their own transparent blue Monzo expense card and save their receipts, reasons for expenses and VAT all in the Monzo app.
• Bigger teams: Limited companies can have up to 15 team members on their Team business account and set what individual team members can see and do. Business owners can choose whether team members are admins, collaborators or expense card holders.
• Bulk payments: Business owners can approve multiple payments in one go – including for payroll and suppliers. This means they don’t have to copy across individual payment details or approve each and every payment separately if they don’t want to.
• Payment approvals: Limits on payments outside of expenses and easy approvals from business owners when payments are over the set limit.
• Much loved features: Team includes all the features from the Lite and Pro plans including automated tax payments, accounting integrations with Xero, Quickbooks and FreeAgent, the ability to send invoices in a couple of clicks in the app to get paid, instant notifications, 24 hour customer support and more.

One in six new UK companies apply for a Monzo Business account and it’s Britain’s most recommended business account for overall service quality as voted for by customers. Expanding its offering with Team means Monzo can now go even further to help more businesses take control of their finances and better serve existing business customers as they grow. Existing business customers can upgrade their current subscription to Team in their Monzo app. New business customers can apply for Team on the Monzo website or by downloading the Monzo app.

TS Anil, CEO of Monzo, said: “The 5.5 million SMEs in the UK are the backbone of the economy, yet they’ve been traditionally overlooked by banks. Business owners need game-changing products that take away unnecessary paperwork and allow them to get on with the important task of growing their business. As we scale beyond 500,000 business customers we’re still as focussed on staying close to our business community as we’ve always been and building features that do the heavy lifting as they focus on what really matters to them. Team is the next step in this journey, with plenty more to come.”

Monzo Business

Monzo Business was launched in March 2020 and now has more than 500,000 customers, with one in six new UK businesses applying for a business account with Monzo. Designed with feedback from customers, it solves some of the well known pain-points of running a business. It includes integrations with cloud accounting tools Xero, Quickbooks and FreeAgent and offers industry-leading products and features. Whether it’s automating tax bills or sending invoices in a couple of clicks in the app to get paid, Monzo Business is designed to help startups and small businesses stay in control of their finances. Monzo was recently named Best Business Banking provider at the British Bank Awards for the second time and is Britain’s most recommended business account for overall service quality as voted for by Monzo customers.

*Team is free for 3 months if you apply before 31/1/25. After that, Team starts from £25 a month. Ts&Cs apply.