- Monzo launched Team, a new offering aimed at larger small businesses that outgrow its Business Pro and Lite plans.
- Team includes the same tools as Pro and Lite plans, but also offers features such as employee expense cards, bulk payments, and account access for up to 15 members.
- Team is available in the U.K. and is priced at £25 per month.
U.K.-based digital banking platform Monzo is building out its small business offerings this week with the launch of Team.
Monzo’s Team offering complements Monzo Business Pro and Monzo Business Lite plans, which collectively serve more than 500,000 businesses. The digital bank created Team to serve businesses that are too large to have their needs met by either the Pro or Lite plans.
“With Team, we’re bringing that to bigger small businesses by introducing features that teams need to help run the business day-to-day,” the company said in its blog post announcement. “Bigger, more complex teams up and down the country whose needs weren’t being met by our Lite and Pro plans before.”
Monzo’s Team product comes with all of the products and services that Lite and Pro offer, including Tax Pots for tax savings accounts, invoicing, integrated accounting and more. Additionally, the new Team accounts come with employee expense cards, offer the ability to create payment approval limits, as well as the capabilities to tailor individual account access levels for up to 15 people.
Notably, Team also allows for bulk payments. Businesses can use Team to upload payee details and make multiple payments at the same time for things like salaries and suppliers, without having to worry about manually entering the payee details every time.
Limited companies can have up to 15 team members and sole traders can have a team of three people and set what individual team members can see and do. Pricing for Teams, which is currently only available to businesses in the U.K., starts at $32 (£25) a month.
Founded in 2015, Monzo is one of the earlier small business digital bank providers. The company also offers personal accounts. With 10 million personal credit card holders, Monzo also provides savings, pension, investments, debit cards, and loan products. Monzo’s competitors include well known brands such as Revolut, Starling, N26, and Monese.