Monzo moves into business banking

March 18, 2020 | Banking

Written by FinTech Alliance

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Monzo
Monzo moves into business banking

The move aims to assist its goal of reaching profitability in two to three years

 

In Brief

  • Monzo has launched its business banking service, providing free and premium accounts.
  • The launch follows a year-long beta testing period with some 2500 small and medium-sized businesses.
  • The digital bank holds around £2bn in deposits and was last year valued at £2bn despite reporting losses of £47.2m in 2018.

What this means

Monzo's move is another sign of the growing competition in the SME challenger banking sector with rivals Starling and Tide targeting major growth after receiving cash injections from the Banking Competition Remedies fund.

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