Digital banking challenger Monese launches business accounts

Digital banking app Monese will today announce its expansion into the world of business banking, as it launches accounts for young companies and entrepreneurs across the UK and Europe.

The accounts will be released to UK-registered businesses first, available in 11 languages in a bid to tap the UK's growing multicultural industry base. The firm told Morning Wire that accounts in Europe are expected to follow suit "very soon".

Monese recently closed its series B investment round for $60m (£46.4m) in September, with backing from investors such as Kinnevik, Augmentum Fintech and Paypal.

"Following the great success of Monese’s personal banking service in the UK and Europe, we are really excited to launch the Monese​ business account, which is the next big step in our expansion," said Monese founder and chief executive Norris Koppel. 

Read more: Challenger banking app Monese lands $60m funding round

"The Monese business account is one of a number of offerings we are launching for internationally mobile people and businesses, following significant investment from world-class investors in September. This investment is enabling us to continue on our path to becoming a global financial platform to all."

The account will come bundled with a version of the banking app's personal account premium offering, costing a total of £9.95 a month with transparent fees and free bank transfers, card payments and direct debits. 

Utilising its latest funding round, Monese has set itself a goal of hiring an additional 100 staff members by the end of the year across its existing offices in London and Tallinn, as well as a new office in Lisbon.

The startup said its new monthly user numbers had been tripling since the end of last year, with over 600,000 personal current account users creating an annual transaction volume of more than $3bn.