We can now accept corporate-owned businesses 🎉

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We can now accept business account applications for Limited Companies that are majority owned by other companies.

If your Limited Company has investment from other companies, you are now welcome to apply for a Monzo Business account!

Your business still needs to meet our eligibility criteria and pass our Financial Crime checks.

What does that mean?

The simplest Limited Companies are owned purely by individuals, who are usually the founders of the business. As the business grows the founders may gather investment from venture capital firms, create a holding-company or sell parts of the business to another company.

Previously we could not support businesses that were owned at least 25% by another company. That is because if someone owns a large chunk of the business, we need to make a lot of background checks on them and doing this for companies becomes complex very quickly.

Companies can be owned by other companies in a very long chain and we need to make sure we understand every step of the chain and who is the ultimate beneficiary of that business.

What does this this mean for Monzo processes?

If someone applies for a business account, we will look at all shareholders and people of significant control of that business. Someone from our support team will be able to see the structure of the business as a graph.

Corporate own business structure

In this example My company is owned 45% by Alice & Bob and then 55% by a Venture Capital Company. That Ventura Capital Company is then owned 30% by Charlie & Daniel and 70% by Holding Company LTD. The Holding Company is only owned by Ernest.

Most of the time we will have all information we need, but in some cases we may ask customers for more information about their ownership structure

What’s next?

This is another step towards our vision of helping you get more out of your money when it’s with us. But it’s only the beginning…

We’re planning to create new ways for you to get the most out of Monzo Business, we are working on new and exciting features for you to try. More on this in the coming months 👀

Don't use Monzo yet? Give it a try today!

Only sole traders or limited company directors in the UK can apply. Ts&Cs apply.