With 500,000 businesses now on its books, digital challenger Monzo has launched a new subscription-based premium product plan, opening up a host of new services.
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Dubbed Team, the new plan costs £25 a month and will offer expense cards to up to 15 employees, bulk payments for approving multiple payouts in one go, and payment approals over set limits.
Team includes all the features from the Lite and Pro plans including automated tax payments, accounting integrations with Xero, Quickbooks and FreeAgent, the ability to send invoices in a couple of clicks in the app to get paid, instant notifications, and 24 hour customer support.
Existing business customers can upgrade their current subscription to Team in their Monzo app. New business customers can apply for Team on the Monzo website or by downloading the Monzo app.
TS Anil, CEO of Monzo, says: “The 5.5 million SMEs in the UK are the backbone of the economy, yet they’ve been traditionally overlooked by banks. Business owners need game-changing products that take away unnecessary paperwork and allow them to get on with the important task of growing their business. As we scale beyond 500,000 business customers we’re still as focussed on staying close to our business community as we’ve always been and building features that do the heavy lifting as they focus on what really matters to them. Team is the next step in this journey, with plenty more to come.”
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