Monzo introduces business accounts
Monzo , the UK challenger bank, is entering the business banking space by launching free and paid-for business bank accounts.
The free version – Monzo Business Lite – includes the basic features of a Monzo account, but the paid version – Monzo Business Pro (which goes for £5 per month) – includes a range additional features to help users manage taxes and accounting.
The Pro account includes ‘Tax Pots’ which allow users to choose what percentage of their income is set aside for tax, and whenever they’re paid, Monzo puts the money in their Tax Pot automatically. Users also enjoy integrated accounting, with the ability to sync their Xero, FreeAgent or Quickbooks data. And for managing the account, the Pro version features multi-user access of up to 2 other people who can pay people, see incoming and outgoing payments, and edit account information.
Bottom Line: Now competing with Starling Bank