Monzo to enter business banking with RBS fund bid

Having until now been laser-focused on its consumer current account, the digital bank confirmed in a blog post that it will be launching a business account within the next few years.

The exact timeline for the launch depends largely on whether Monzo is able to win substantial awards from the GBP 700 mln RBS fund, the Alternative Remedies Package. Most importantly, Monzo will be aiming for a part of the Capability and Innovation Fund, the pool set aside for banks and fintechs wishing to develop or improve their SME business banking products.

The bank has said it will begin building its business accounts straight away if it is able to win awards. It hopes to use the funds to hire new people, who will research, design, build, test and launch the new accounts. While research has already begun, Monzo admits that it isn’t yet sure ‘what business accounts will look like’, or exactly when they’ll launch.