Monzo is launching one free and one paid business account - Business Insider

TechCrunch. Geared toward sole traders and small- and medium-sized businesses , the accounts mark previously consumer-focused Monzo's entrance into the business banking space.The neobank's new businesses accounts will be offered via a tiered model:

Business Lite is free to use, and offers both mobile and web access — the latter of which Monzo CEO Tom Blomfield told TechCrunch was a more in-demand feature than they had anticipated. Business Pro is a premium account which comes with a £5 monthly subscription fee. The account comes with features like "Tax Pots," which allow businesses to allocate a percentage of inbound payments in preparation for a future tax bill, integration with third-party accounting software like Xero, multi-user accounts, and in-app invoicing.

The slower pace at which the accounts have been rolled out is seemingly a departure from Monzo's previous strategy of going for quantity over quality. In the early days of its 2015 launch, the neobank was more focused on the speed with which it got products to market: "We spread ourselves too thin and launched too early," Blomfield told TechCrunch.

Taking the time to ensure a quality offering is integral to building a sustainable business, as rushing to launch a suboptimal product could result in a costly retraction and relaunch, not to mention diminished customer trust. This happened with Monzo's premium consumer accounts, which it shuttered just five months after launching due to customer backlash, and

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Tech investors warn of recession's impact on startup funding and growth - Business Insider'A recession is inevitable': European investors and startups brace for cash drought and lower valuations amid coronavirus slowdown The US economy is strong. This will pass. All the Fake News and scare tactics will dissipate... Good. Clean out the trash. 🥺
Source: BusinessInsider - 🏆 729. / 51 Read more »

Coronavirus: AI startup launches tracker tool to help businesses - Business InsiderDeloitte and HSBC are among Signal AI's biggest clients. It just launched a new coronavirus tracker for businesses.
Source: BusinessInsider - 🏆 729. / 51 Read more »

What coronavirus paid leave means for employees and businesses - Business Insider25% of American workers don't have access to paid sick leave from their employers. If passed, a new bill would give employees 10 weeks of paid leave.
Source: BusinessInsider - 🏆 729. / 51 Read more »

JPMorgan Chase announces $50 million coronavirus aid package - Business InsiderThis is a 'historic time of need' that requires businesses to step up and help their communities, a company executive told Business Insider.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Coronavirus: 475 deaths in Italy, highest one-day toll of any nation - Business InsiderEven at the peak of its outbreak, China's highest single-day toll was 150. Iran and Spain, both hit badly, have yet to record more than 200 in a day. this shit is unstoppable Ugh. This is heartbreaking to see daily in Italy then listen to our own info in the US. Stay proactive & keep the faith. Say a pray for this world🙏🏼 What 😨
Source: BusinessInsider - 🏆 729. / 51 Read more »