We're celebrating one year of Monzo Business!

One year ago today, we introduced you to Monzo Business. Since then, it’s been a rollercoaster.

Throughout the coronavirus pandemic, tens of thousands of you switched to Monzo Business or signed up to start using Monzo as your first business account.

Today, we’re proud to say that we support over 80,000 small businesses across the UK. From bakers to barristers, painters to plumbers, and designers to developers, small businesses of all shapes and sizes are using Monzo Business to simplify the way they bank.

As we celebrate our first birthday, I wanted to take a look back on the past year, and look ahead to what’s next. When we launched Monzo Business, we wanted to set a new industry standard for business banking. In the past 12 months, many of you have told us how Monzo Business has saved you time, made your life easier, and given you peace of mind about your incomings and outgoings.

And, with your help, we continued to make Monzo Business even better. We enhanced how you can manage your finances on the web. We made it easier to invoice your clients and simplify your bookkeeping. And, we enhanced transaction categories with custom categories, to have better visibility of your income and spend.

Running a business is hard, and this year proved even harder. But, we loved hearing about how you’ve started, grown, and changed your businesses over the past year, and how Monzo Business made it just a bit easier. Whether it was moving your business online, turning a side hustle into a full business, or starting a new venture, you proved just how strong the Monzo Business community is - and it truly inspired us. 

Of all the businesses banking with Monzo, 25% have been trading for over five years, but about half were started during the past year - showing that the entrepreneurial spirit is alive and well, even during a challenging year. Hawa, for example, successfully crowdfunded £10,000 to get her business, R.E.N., off the ground last year.  

Some of you turned your lockdown passion projects into full blown businesses, like Aliyah, owner of Allen at Home. 

And some of you even started new ventures that help fight the spread of coronavirus, like Afia from Fogging Fix.

With all your great stories, we wanted to put the spotlight back on you, so we ran the Small Business Spotlight in December 2020, and a new series on Twitter and Instagram highlighting you and your businesses.

It’s amazing to see how far we’ve come in such a short time, but there’s much more to do! We'll continue improving Monzo Business to solve the problems you face as a business owner, to help you to achieve your goals. We want to take away the hassle of financial admin and empower you with information to better understand your business, manage your cash flow, and make better decisions. We will move mountains in the background to simplify your painful admin, so you can spend more time doing what matters most: running your business. 

In the next 12 months, we’ll be launching new tools that make it just that little bit easier to run your business. We’ll introduce new ways for you to request payments and get paid, so you can get paid faster and easier. We’ll give you more control of your spend, with new ways to pay. And, we’ll build support for international payments, so you can grow your business outside of the UK.  

As ever, your feedback is absolutely crucial. Don't forget to follow us on Twitter and Instagram to stay up to date, and hear from our business community!

We’re in for a hugely exciting year, and we can’t wait to get started 🚀