What exactly is Monzo for Business?

Monzo claims to operate as an already established commercial bank, but without the hassle of going to a brick-and-mortar branch. Therefore, customers can set up an account directly over the phone.

For the Business segment, Monzo offers access to customer both through the web or mobile devices, and a 24x7 phone-based customer service.

What can you do with the Monzo for Business App?

• Receive notifications as soon as you make or receive a payment
• Separate money into spending categories, so customers can assign parts of their budgets to different expenses
• Transfer money free of charge and within the UK only
• Enable customers to issue invoices and/or receipts directly from the app

For this segment, unlike its counterpart on the Individual segment, Monzo offers two price tiers: The Lite fee is free of charge, while the Pro fee is GBP 5 per month, and it enables customers to issue invoices and/or receipts directly from the app, among other additional features.

More information can be found at https://monzo.com/i/business