Monzo, a U.K.-based digital banking platform, recently introduced a new offering called Team, designed for larger small businesses that have outgrown Monzo’s Business Pro and Lite plans. Team offers the same tools as the Pro and Lite plans, but also includes additional features such as employee expense cards, bulk payments, and account access for up to 15 members. This new offering is priced at £25 per month and is currently available in the U.K.
Team is an expansion of Monzo’s small business offerings, which already include the Pro and Lite plans serving over 500,000 businesses. The company developed Team to cater to businesses that need more comprehensive solutions than what the Pro and Lite plans offer. With Team, Monzo aims to provide bigger small businesses with the tools they need to manage their day-to-day operations effectively.
In addition to the features available in the Pro and Lite plans, Team includes Tax Pots for tax savings, invoicing, integrated accounting, and more. Businesses using Team can also benefit from employee expense cards, payment approval limits, and customized account access levels for up to 15 team members. The platform also supports bulk payments, allowing businesses to upload payee details and make multiple payments simultaneously, streamlining processes for tasks like salary payments and supplier transactions.
For limited companies, Team allows up to 15 team members, while sole traders can have a team of three individuals with configurable access levels. The pricing for Team starts at £25 per month and is exclusively available to businesses in the U.K. Monzo, founded in 2015, offers a range of personal banking services in addition to its small business offerings, including savings, investments, debit cards, and loan products.
Monzo faces competition from other digital banking providers such as Revolut, Starling, N26, and Monese. The company’s focus on innovation and catering to the evolving needs of small businesses has contributed to its success in the competitive market.
As Monzo continues to expand its offerings and support small businesses, the launch of Team represents a significant step in providing tailored solutions for larger small businesses. By addressing the needs of this segment of the market, Monzo demonstrates its commitment to empowering businesses of all sizes with tools and features that enhance financial management and operational efficiency.
If you’re interested in staying updated on the latest trends in the world of finance and banking, check out DeFi Daily News for more informative articles like this one.
Photo by Fox
Views: 6
Related
Conclusion: In conclusion, Monzo’s new offering, Team, represents a strategic move to cater to the needs of larger small businesses that require more advanced financial management tools. By expanding its suite of small business offerings beyond the Pro and Lite plans, Monzo demonstrates its commitment to serving businesses of all sizes.
