Monzo Business

Monzo Business is a mobile-first banking app designed to support the financial management needs of small businesses, including sole traders and limited company directors in the UK. The app offers business current accounts that can be set up quickly, often on the same day of application, providing immediate access to online banking and core financial services.

Key features of Monzo Business include free UK bank transfers, real-time transaction notifications, and instant access to managing expenses through multi-user access and expense cards. The app supports bulk payments, streamlining the process of paying suppliers, contractors, and regular expenses, which helps reduce administrative overhead. Users can also create and manage multiple team members with customizable access controls to monitor balances, approve spending, and handle payments securely.

Monzo Business integrates with popular accounting software like Xero, QuickBooks, FreeAgent, and Sage, facilitating easier transaction reconciliation and financial reporting. Eligible sole traders may access loans up to £25,000 and overdrafts up to £2,000, supporting cash flow flexibility. The app includes features such as savings pots to earn interest on business funds and supports Making Tax Digital (MTD), enabling users to maintain up-to-date digital records and submit quarterly tax updates efficiently.

Operating as a licensed UK bank, Monzo Business accounts benefit from protection under the Financial Services Compensation Scheme (FSCS) up to £85,000, delivering a regulated and secure banking environment. The app also provides 24/7 in-app customer support, ensuring assistance is available whenever needed.

Overall, Monzo Business is a comprehensive banking solution for small businesses seeking an accessible, digital-first platform that simplifies business finances through automated tools, multi-user management, and seamless integration with accounting workflows.

This description was generated by AI (artificial intelligence). AI can make mistakes. Check important info.

Website: monzo.com

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