“We’re starting with a small test so that we can really understand how account features and our internal processes need to change before we can launch more broadly.
We will work closely with our initial users to understand what problems we can actually solve, what works well, and what doesn’t work so well” Monzo said.
Pace of Monzo Business Account Development Dependent on Funding
The pace at which it can develop and roll-out Monzo business accounts depends in part on whether it can secure additional funding, it admitted.
To help it develop its business account offering, cloud-native Monzo – which runs more than 400 core-banking microservices on AWS – is hoping to tap a £700 million pot called the Alternative Remedies Package.
This was set aside by the Royal Bank of Scotland (RBS) after the 2008 financial crisis – and RBS’s subsequent £45 billion bailout by the British taxpayer to help speed up the process.