New Monzo CEO "huge advocate" of Monzo's business bank

Jordan Shwide, the general manager of Monzo Business, has praised the company's new CEO, Diana Layfield, describing her as a "huge advocate" of Monzo's business bank. Monzo announced last month that its business banking service, Monzo Business, had reached a significant milestone of one million customers, marking the first UK digital bank to achieve this feat.

Layfield, appointed as CEO in October of the previous year, was shown a video featuring interviews with business customers when the milestone was hit, a gesture Shwide said resonated with Layfield and the company's mission to make money work for everyone.

Monzo Business, launched in 2020, targets small and medium-sized enterprises (SMEs) that make up over 99% of the 5.7 million businesses in the UK. The service offers three plans: Monzo Lite, which is free; Pro, which costs £9 per month and includes accounting integrations and tax management; and Team, which costs £25 per month and includes expense cards and bulk payments.

Monzo does not break down customer numbers for each plan, but the 2026 annual report indicates that Monzo Business accounts for 14% of the company's £1.7 billion in revenue for that year.

The growth in Monzo Business customers has largely been driven by word-of-mouth referrals, with most new sign-ups coming from business owners who have been using the service for the past five years. Monzo Business generates revenue through subscription fees, interchange fees, interest on deposits, and lending. The service is set to expand internationally, with plans to launch in Spain soon, following an earlier launch in Ireland.

Shwide emphasized that Monzo Business aims to provide a seamless user experience, focusing on speed, ease of payment, cash flow management, and compliance, as these are common needs among international business customers.