Monzo is launching a new version of Monzo Plus - Business Insider

The offering, which costs £5 per month, comes with 1% interest on balances up to £2,000 , credit score checks, the ability to view bank balances with other banks, granular budgeting features, and the ability to set up virtual cards that can be deleted in the case of a security issue. Additionally, Monzo Plus customers receive blue debit cards — a change from the coral pink cards Monzo is known for.

Monzo has struggled to build a viable subscription-based offering, as it shuttered the original short-lived Monzo Plus and shelved a second version due to the pandemic. The first iteration of Monzo Plus was And a reboot featuring two new Monzo Plus accounts planned for late March 2020 was , because they revolved around travel-related benefits — which most customers wouldn't be able to use given drastic travel reductions amid the coronavirus pandemic.

The neobank has retooled its latest iteration of Monzo Plus to make it more relevant for users during the crisis — and that agility could be key to helping it take off and increasing Monzo's shot at profitability. The new Monzo Plus offering is designed to help users budget more effectively, Monzo Chief Product Officer Mike Hudack told CNBC, an objective that is much more aligned with consumers' needs as they confront the economic uncertainty caused by the pandemic.

Pivoting to present prospective customers with highly relevant tools could make a critical difference in convincing them to pay for a premium account. A subscription-based model is one of the ways neobanks can bolster revenue and move toward , so it's important that Monzo gets its premium account right: Last year, its losses after tax were £47.2 million .Join other Insider Intelligence clients who receive this Briefing, along with other Banking forecasts, briefings, charts, and research reports to their inboxes each day. >>

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