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Monzo launches first business accounts

(Image credit: Monzo)

Monzo has revealed a move into business accounts for the first time with the launch of a new limited offering.

The challenger bank has today launched an alpha test run of 100 business accounts as it looks to fix the "broken" world of business banking.

The new Monzo Business Accounts are partnering with sole traders and limited companies alike, with interested parties also able to join a waiting list through Monzo's website.

Monzo business accounts

The launch comes after Monzo CEO Tom Blomfield took to Twitter last month in a bid to source ideas from the wider community on how to improve the company, with business accounts being apparently the most poplar opinion.

"Over the past few weeks, we’ve spent lots of time talking to small business owners, reading your comments on the community forum, and understanding what you expect from a business account," a company blog post on the news said.

"Your feedback made it clear that business banking is broken. Your existing business account isn’t meeting your needs."

Customers named opening an account and confusing fees as some of the key concerns when it comes to business banking, with small business owners also worried about paperwork overload.

Monzo says it is now testing a new kind of business accounts to understand how the offering will work, and says it will continue to adapt and mould its new services depending on feedback.

There's no news yet on when a wider launch will happen, but the company appears keen to keep the ball rolling as quickly as possible.

"In the future, we’d love to become the financial hub for every company in the world," the blog said.