Monzo has announced that it is planning to launch business current accounts with funding from the RBS alternative remedies package.
The mobile bank plans to start its application for funds in H1 2019 from both of RBS’s funds: the capability and innovation fund and the incentivised switching scheme.
However, it claims business banking will be a longer-term project if it doesn’t receive this funding.
This is due to Monzo not wanting to start this project at the expense of improving its current accounts.
If it receives the funding, it will hire new people who’ll be able to focus on building the business current accounts.
The accounts would be for sole traders, freelances and SME owners.
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