Monzo, the digital challenger bank, has introduced a new premium subscription plan called Team after surpassing 500,000 business customers.
Key Features:
- Cost: £25 per month.
- Expense Cards: Up to 15 employees can have expense cards under the new plan.
- Bulk Payments: Ability to approve multiple payouts in one go, simplifying payment processes.
- Payment Approvals: Custom limits can be set for payment approvals.
- The Team plan also includes features from Monzo’s existing Lite and Pro plans:
- Automated tax payments
- Accounting integrations with platforms like Xero, QuickBooks, and FreeAgent
- Invoice sending via the app in just a few clicks
- Instant notifications
- 24-hour customer support
Existing business customers can upgrade to Team through their Monzo app, while new customers can apply through the Monzo website or by downloading the app.
CEO’s Statement:
TS Anil, CEO of Monzo, emphasized the importance of small and medium enterprises (SMEs), stating: “The 5.5 million SMEs in the UK are the backbone of the economy.” He noted that traditional banks have often overlooked these businesses, and Monzo aims to provide game-changing products that reduce paperwork and help businesses focus on growth.