Monzo, a UK-based digital bank, says it now can accept accounts from Limited Companies owned by other firms. These firms may now apply for a business account.
In a blog post, Monzo explains that many Limited Companies are owned by individuals, but as the company grows, it may accept outside investors. Previously, the bank was not set up to handle businesses that have 25%+ outside owners as the process was costly. They must review all shareholders to approve a business account.
Monzo added that they are planning new features and services for UK business accounts in the coming months.
In a 2023 survey, Monzo was ranked as the top bank in the UK serving businesses, topping both digital and establishment banks. The Fintech was recognized for its digital banking app and overall service quality.
