Sam O'Connor
CEO
Posted 2 years ago

Choosing between Monizo and Monzo

You may have seen that last week our friends over at challenger bank Mondo changed their name to Monzo in a hotly anticipated announcement. We had some fun on Twitter:

Like us, a lot of people love what the guys at Monzo are doing for consumer banking. So they asked us what the difference between Monizo and Monzo is and why they would use one over the other. The answer is simple: freelancers can have both. Monizo for business and Monzo for pleasure.

In the same way you might have a separate bank account for your business and personal life, Monizo is the bank account for your freelance life.

Banks are letting freelancers down

Freelancers are the fastest growing segment of the workforce as more people take control of their working lives. Companies are relying heavily on flexible workers to manage the risks from Brexit and the rapidly changing competitive landscape.

But banks aren’t doing enough to support the community. This is impacting freelancers and the economy by increasing expenses and reducing earning potential.

A bank account shouldn’t just be the place where invoices are paid. Your bank account should be a tool to help you manage and grow your freelance business.

We’re using banking technology in a completely new way to solve some of the most common problems that freelancers face:

  • The pain of getting paid (on time, or at all)
  • Knowing how much tax you owe and when it’s due
  • Managing uneven cash flow
  • Keeping records up to date

Traditional banks don’t cater to these important needs. They focus on the loans they can offer rather than how they can help you day to day.

We’re creating the bank account that we wanted when we were freelancers.

Automate your freelance business

Opening a Monizo account will take a few minutes and here are a few things you can expect:

Tax crystal ball

See where you stand with tax calculations in real-time, avoiding an unexpected hit at the end of the year. Expenses will be categorised automatically for tax purposes, so no more spreadsheets or reconciliations for the accountant.

Get paid faster

A big problem for freelancers is making sure clients pay on-time. We provide tools that allow you to stay on top of client payments, making sure you get paid quickly and reliably.

No more admin

We hate having receipts and invoices floating around, so we want to eliminate this pain from everyone’s day. Your records will be correct and up to date at all times so you can share them with whoever asks at the click of a button.

I could go on, but there’s more on our homepage.

What’s next

Sign up to the waiting list and you can get early access and updates.

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