How to Open a Monzo Business Account Online in 2024

Monzo Bank Limited is one of the leading neobanks and one of the most innovative startups in the United Kingdom. It is licensed and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Monzo offers mobile app-based banking services without any physical branches, including full UK current accounts, business accounts, loans, and business overdrafts. As a Monzo customer, you can manage your money 24/7 from your phone. 

The growing popularity of neobanks among banking customers in the world has allowed Monzo to gain over 9.3 million personal customers and more than 400,000 business clients in the UK since its launch in 2015. Monzo’s personal and business accounts are protected under the Financial Services Compensation Scheme (FSCS).

Monzo offers current accounts for both personal and business banking customers. However, this article will focus on their business account. 

Monzo’s business bank account is designed for UK-based small businesses. There are three plans to choose from: Business Lite, Business Pro, and Business Team.

• Business Lite: A free business bank account that covers the basics, making it easy for your customers to pay, including contactless card payments.
• Business Pro: Send invoices, set money aside for tax, and connect with accounting software like Xero, FreeAgent and Quickbooks to simplify bookkeeping. Costs GBP 9 a month, with the first month free.
• Business Team: Best for managing team spending and admin. Issue expense cards to your team with set limits and make bulk payments for salaries or suppliers. The first three months are free if you sign up before 31 January 2025; thereafter, GBP 25 per month.

All customers can get a complimentary physical debit card for business spending and ATM withdrawals, as well as benefit from free UK bank transfers, instant transaction notifications, and built-in budgeting features.

Monzo accounts only support GBP. They currently do not provide multi-currency corporate accounts. 

Only UK-based sole traders and registered limited companies are eligible to apply for a Monzo business account. Applicants must also be at least 16 years old.

To be qualified for an account, your company must:

• Have an active status on Companies House.
• Have at least one active qualified company director listed on Companies House.
• Have at least one person of significant control listed on Companies House.
• Be a tax resident in only the UK and no other countries.
• Make money from selling goods and/or providing services, not from interest or investment.
• Not using Monzo business account as a client trust account.

Additionally, Monzo doesn’t support certain industries that require constant monitoring. Therefore, your business shall not engage in these prohibited industries. Some examples include:

• Currency exchanges, including virtual currencies and money services business
• Mining and quarrying
• Tattoo and nail parlours
• Consumer credit or lending money
• Unregistered waste management
• Probate and estate management
• Used automotive vehicles

We recommend checking their eligibility criteria page for a complete list of unsupported business types and industries.

You will need the following documents and information to open a Monzo business account:

• Proof of business address
• Registered company number or name (for limited companies)
• Unique tax reference number
• Photo ID, such as a passport, driving licence, national ID card, or biometric residence permit.

If you are a limited company, you will need to provide the following details of every person with significant control (PSC), also known as an ultimate beneficial owner (UBO):

• A photo of valid ID, like a passport, full or provisional driving licence, national ID card, or biometric residency permit
• Date of birth
• Country of residence
• Email address

Start your application on the website or download the Monzo mobile app from the App Store or Google Play.

Monzo will ask you to provide the following information:

• Your full name
• Your date of birth
• Your email address
• Your UK home address
• Your phone number (an OTP will be sent for verification)

If you already have Monzo’s personal account or joint account, make sure to use the same email address and phone number. Monzo will automatically fill in the rest of your personal details for you.

If you haven’t already downloaded the Monzo app, you’ll be prompted to do so to continue your application.

Next, you will have to answer some questions about your business or company, including:

• The type of your business
• Which industry are you in
• Your business address
• Your UK Tax Identification Number
• The rough size of your business
• How much money do you expect to make yearly
• How you expect to make and receive payments
• Your international presence

In this step, you must provide a photo ID, such as your national ID card, driver’s licence, passport, or biometric residence permit.

Additionally, you must take a short video of yourself following instructions to confirm your identity.

The next step is to choose between the Monzo Business Lite and Business Pro plans. 

After verifying your account, Monzo will post a business debit card to the address you used to open the account. Once you’ve received it, you can activate it on the mobile app and start using your new account right away.

You can submit an online form to contact the Monzo business team for business account queries. 

If you have a Monzo account, you can chat with the customer support team anytime on the Monzo app.

For non-urgent queries, the service hours are from 7 am to 8 pm (UK time). You can call +44 800 802 1281 without any charges or +44 203 872 0620 from outside the UK. You can also email them at help@monzo.com