Following this announcement, the Monzo Team was developed as a new business plan that includes features such as transparent blue expense cards, meaning that companies will have the possibility to save their receipts, reasons for expenses, and VAT all in the Monzo application. The services will also include a facility so business owners can approve multiple payments in one go.
The new tools complement the already existing features from Monzo's other business plans, Monzo Life and Monzo Pro. These include automated tax payments and accounting integrations with Xero, Quickbooks, and FreeAgent as well.
According to officials from the company, Monzo Team will cost GBP 25 per month but is free for the first three-month trial. The company aims that the new plan will prove to be popular amid a landscape in which many businesses still manage expenses manually. At the moment, business owners need optimised products that take away the unnecessary paperwork and allow them to get on with the overall important task of developing and growing their companies. In the region of the UK, small and medium-sized enterprises (SMEs) represent an important feature of the economy, yet they've been traditionally overlooked by banks.
Monzo is currently looking to build an all-encompassing application, where businesses and partners can manage their financial lives in a secure and optimised manner. At the same time, Monzo will continue to focus on meeting the needs, preferences, and demands of clients and customers in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry.