Monzo launches transparent blue expense cards, as Monzo Business tops 500,000 customers

Monzo is launching a subscription plan to help its business customers simplify their expense administration as the UK challenger bank tops 500,000 business customers.

Monzo is known to many as a UK retail challenger bank popular with a younger demographic, but Monzo also has a burgeoning business bank, called Monzo Business, which launched in 2020.

Called Monzo Team, the new business plan includes features such as transparent blue expense cards which mean businesses can save their receipts, reasons for expenses and VAT all in the Monzo app, and a facility so business owners can approve multiple payments in one go.

These complement existing features from Monzo’s other business plans, Monzo Life and Monoz Pro, including automated tax payments and accounting integrations with Xero, Quickbooks and FreeAgent.

Monzo Team will cost £25 per month, but is free for the first three months.

Monzo believes the plan will prove popular amid a landscape in which many businesses still manage expenses manually.

Monzo, like rivals, is looking to build an all-encompassing app where businesses can manage their financial lives.

TS Anil, CEO of Monzo, said:

“The 5.5 million SMEs in the UK are the backbone of the economy, yet they’ve been traditionally overlooked by banks. Business owners need game-changing products that take away unnecessary paperwork and allow them to get on with the important task of growing their business. 

"As we scale beyond 500,000 business customers we’re still as focussed on staying close to our business community as we’ve always been and building features that do the heavy lifting as they focus on what really matters to them. Team is the next step in this journey, with plenty more to come.”

Monzo recently announced an employee secondary share sale valuing the bank at €5.4 billion.