Sam O'Connor
CEO
Posted 2 years ago

Monizo becomes… Coconut!

So the day has arrived. Monizo is starting its life with a new and unique identity. Monizo becomes Coconut, the alternative bank account for freelancers.

Choosing a name for a business is a toughy. There are so many things you need to take into account. How memorable it is, will the name travel, can people say it and spell it, how easy is it to find, can you buy the domain name you want, can you shout it to someone across a noisy pub and so on.

It’s been an exciting journey and there were a few reasons for us to make the change. I’m sure you all know that there are some other great and disruptive banking startups with similar sounding names. Also Monizo, whilst we’ve loved it, didn’t pass a lot of the tests above.

But most importantly we thought we could do better. This was a great opportunity to find something that wasn’t just another startup name. It was our chance to create a brand that means something to freelancers and carries our mission: to revolutionise how freelancers manage their money.

So why Coconut?

When we started Coconut we knew something needed to be done to make business banking better. And we chatted to a lot of small businesses about their needs. These ranged from one man bands to bigger operations, all with different challenges. But when we delved a bit more deeply into the problems, we realised that freelancers and independent workers have really been let down.

Traditional banks provide a very limited offering and they seem to make it ridiculously hard to open an account. You get charged hidden fees and don’t receive anything in return other than a place to receive and pay money out of. It’s also really hard to share your data with the other products and services you use like accounting packages and accountants.

As a result, only 45% of the freelancers on our waiting list have a business bank account. Which is amazing really because it’s a crucial part of managing your money.

Freelancers have decided to go it alone. They’re forging their own path. They’re creative and enterprising and we wanted something to reflect that.

When we start out freelancing, we imagine a life free from the stress associated with turning up at the same job every day, with the same people, doing the same things. We imagine a peaceful and tranquil life working for who we want and from where we want, even from a sandy beach. And this is what Coconut represents.

It reflects our mission to bring back peace of mind and tranquillity for freelancers by taking the stress out of money management.

What does Coconut do?

It’s all well and good saying we’re the alternative bank account for freelancers, but what does that actually mean. It’s a bit of a red herring being a bank account because bank accounts don’t really do much at the moment other than provide a place to keep money.

But we think this is wrong. Bank accounts have the power to do much, much more and that’s why we’re building Coconut. We want to redefine what we think banks should do.

We’re solving the main problems that freelancers have when it comes to money:

  • Figuring out how much tax you owe as you go, and when you need to pay.
  • Keeping your expenses in check.
  • Getting paid on time.

To find out more about our features click here.

Coconut will be launching later in 2017.

What does Coconut look like?

We love our new look. We hope you like it too.

Logo:

Our logotype is simple, yet considered. We’ve chosen Arco Perpetuo Bold for its robustness as well as its modern take of the classic Helvetica typeface.

 

App Icon:

To stand out on a freelancer’s homescreen we have a distinctive app icon. At the same time it’s straightforward, and a calming image. The app icon is loosely suggestive of the cross section of a coconut.

 

Card Design:

The card reuses the app icon but shows only a portion of the Coconut shape. This creates a visual connection between the physical card and the app, reinforcing the feeling that they are working together.

App Design:

And here’s a sneak preview of what we’re working on.

 

Coconut is a trading name of Monizo Ltd, company number 09904418. Coconut will be launching in 2017. To join the waiting list and get ahead of the queue sign up below.

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Free yourself from business admin

Download Coconut on iOS or Android. Open an account in minutes with a passport or driving licence. Once you’re approved, you’re ready to do business.

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Coconut - Tax