Monese launches UK business accounts

By Ryan Weeks on 18th October 2018

Challenger Banks

The business accounts will come bundled with the Monese Plus personal account.

Monese launches UK business accounts
Image source: https://goo.gl/KmtgWP

Digital bank Monese continues a rapid few months of product expansion.

The paid-for banking app has had a busy second half to the year, launching student accounts, premium accounts and, as of this morning, business accounts.

The new business accounts have been launched in the UK today and will be made available in Europe soon. They can be opened in just five minutes from a mobile phone.

The account will cost £9.95 a month. This includes the cost of a personal Plus account, which comes bundled up with the business version of the app. The idea is that users can manage both seamlessly from the same app. Monese Plus gives users two personal accounts, a UK account and a European IBAN account.

Perks of the business account include a debit card and six free cash withdrawals (for both the business and personal accounts), with withdrawals costing £1 a time thereafter. Business users won’t be charged any extra for bank transfers, card payments and direct debits. They’ll also benefit from low rates on currency conversions and international transfers. As with the firm’s personal accounts, its business accounts can be translated into 11 different languages.

Monese is slightly behind competitors Starling Bank and Revolut, which have had their business account offerings live for a year and six months respectively.

Norris Koppel, founder and CEO of Monese, said in a statement: “The Monese Business account is one of a number of offerings we are launching for internationally mobile people and businesses, following significant investment from world-class investors in September. This investment is enabling us to continue on our path to becoming a global financial platform to all.”

Monese scooped a $60m Series B fundraise in September, promising to use the funds for product development and international expansion. The round was led by digital investor Kinnevik, with participation from PayPal, Augmentum Fintech, International Airlines Group and existing investor Investec INVC Fund.

 

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