Monzo has built up 50,000 business customers in less than six months, AltFi reports.
In Brief:
-
Monzo Business, which focuses on SMEs, launched in March.
-
It has a free and premium version with various features such as tax pots and invoicing.
-
The FinTech says 55% of its customers are sole traders and 45% are limited companies.
What does this mean?
Monzo is seeing an increase in users across the board as many turn to digital banking alternatives amid varying degrees of lockdown restrictions. It has even attracted users to its more premium offerings which previously didn’t do as well.
