Expanding its product line invites more competition for Monzo — but its multitiered approach could position it for sustainable growth
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
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