The future of Monzo Business Accounts

Read the article

Over the past four months, we’ve been working hard behind the scenes building a business account. And we’ve tested them with 100 business owners so far, who’ve been giving us lots of useful feedback!

We’re excited to say that we’re slowly starting to offer more business accounts to the people on our waitlist. And to keep you updated with what we’re building, we’re launching a transparent product roadmap for business accounts!

We’re ready to start offering more business accounts!

We’re starting to work through our waitlist, and offer more business accounts slowly.

We’ll send you a notification in your Monzo app to let you know when you can sign up. If you don’t already have a Monzo personal account, we’ll send you an email instead.

We’re aiming to make sure you can all start using Monzo Business Accounts as soon as we can. But it might still be a while before we can offer everyone an account.

Thank you so much to all 15,000 of you on our waitlist for bearing with us so far!

Our vision is to be the financial control centre for your business

We want to be the financial hub that grows with your business. A hub that’s seamlessly connected with all the tools you need. One that gives you helpful insights and automates your admin, so you can spend more time doing what matters most: running your business.

Here are some of the features we’ve started working on so far:

Get started quickly. You’ll be able to sign up in minutes, not weeks. All you’ll need is some basic details about your business. No paperwork necessary.

Automate your financial admin. We want to do the basics for you. Automatically calculating and setting aside tax into a separate Pot. Submitting your tax returns for you. Sorting your expenses seamlessly. All of this means you’ll have more time to focus on what really matters. And if you already use accountancy tools that you love – like Xero or FreeAgent – we’ll integrate with them directly, and make working with these tools easier than ever before.

Make better business decisions. We’re aiming to give you customisable insights to help you manage your cash flow – including instant spending notifications and advanced notice of upcoming payments to suppliers and expected payments from customers. We’ll give you a total overview of your cash and account receivables, so you know exactly how much money you’ve got to spend on that new piece of equipment, or if you can hire that extra employee.

We’ll make paying, and getting paid, a breeze. In the future, you’ll be able to set up payroll in a few taps, send invoices straight from your Monzo app, and keep track of who owes you money. We’ll even reconcile those invoices and chase up late payments for you, automatically. You’ll also be able to add employees to your Monzo Business Account, so they can make payments easily, with customisable controls and simple approval management.

Get the tools to help grow your business. Including business loans, insurance and a network of accountants, a library of resources, and events all over the country. We’re not offering business loans ourselves at the moment, so we’re working with Funding Xchange, who’ll connect you with multiple lenders to find you the right funding to meet your business’ goals.

And, at its core, it’s a full Monzo UK current account. Meaning you’ll get all the basics you get from Monzo now – a Mastercard debit card, account number and sort code, the Current Account Switch Service, protection from the Financial Services Compensation Scheme (FSCS) if you’re eligible, and cash and cheque deposits. You’ll also get the stuff love most about Monzo. Instant notifications, customisable pots, tools to help you budget, an easy to use app and award-winning, 24/7 customer support.

Introducing the ideas board

To share the progress we’re making towards this vision, we’re launching a transparent product roadmap for business accounts! This Trello board shows you exactly what we’re working on now, what we’ll be working on soon, and what we’ve done already!

ideas-board

See the ideas board

You can use the roadmap to vote for the features you’d like to see most, to let us know what you’re looking for and what we should work on next.

This roadmap isn’t set in stone – the time we have to work on these features (and the number of people we have available to do the work) may change fast, so some features may be released quickly, and others might get delayed. But, it’s really important to us that we share our progress with you as early and as often as we can.


Share your thoughts with us in our community forum, and join the business banking waitlist for more sneak peeks, we’ll tell you when you can sign up for an account!