Revolut vs Monzo for business banking – Pros, cons, key differences, costs and considerations

When it comes to business banking in the UK, Revolut and Monzo are two of the most popular options. Both offer digital-only banking solutions designed to cater to the needs of modern businesses, but there are some key differences between the two. In this article, we’ll take a closer look at the pros, cons, key differences, costs, and considerations of using Revolut vs Monzo for business banking.

Revolut vs Monzo

Feature	Revolut	Monzo
Monthly Fees	Yes, for all business accounts	Some free account options available
Currency Options	Multiple currency options available	GBP only
Loans and Overdrafts	Not currently available	Available for eligible businesses
Cash Deposit Option	Yes, with fees	Not available
Customer Support	Live chat, phone, and email support available	Live chat, email, and phone support available
Integration Options	Range of integration options available	Range of integration options available
Funding Options	Limited options available currently	Loans and overdrafts available for eligible businesses
Card Options	Physical and virtual cards available	Physical and virtual cards available
Account Management	Mobile app and web portal available	Mobile app and web portal available

It’s important to note that this table is not comprehensive and that the features and options for each platform may change over time. Before making a decision, it’s important to evaluate each platform’s offerings in detail and to consider the specific needs of your business.

Statistics

1. User base:

• Revolut: As of September 2021, Revolut had over 16 million personal customers and over 500,000 business customers worldwide.
• Monzo: As of September 2021, Monzo reported having over 5 million customers in the UK, including both personal and business account holders.

2. Funding and valuation:

• Revolut: In July 2021, Revolut raised $800 million in a funding round, valuing the company at $33 billion. This significant funding has allowed Revolut to expand its services and accelerate growth.
• Monzo: In June 2021, Monzo raised £50 million in a funding round, valuing the company at £1.25 billion. This funding aimed to support Monzo’s ongoing operations and future development.

2. International presence:

• Revolut: Revolut has a strong international presence and offers services in over 35 countries. It allows businesses to hold and manage money in multiple currencies, making it convenient for those operating globally.
• Monzo: Monzo primarily operates in the UK, with plans to expand internationally in the future. While it currently supports GBP currency only, it aims to offer more international services as it grows.

Pros of Revolut

Revolut is known for its cutting-edge technology, which makes it a great option for businesses that prioritize efficiency and convenience. Some of the benefits of using Revolut for business banking include:

• Competitive exchange rates: Revolut offers competitive exchange rates, making it an attractive option for businesses that operate internationally.
• Expense management tools: Revolut’s business accounts come with a range of expense management tools that help businesses keep track of their spending.
• Multi-currency accounts: Revolut allows businesses to hold and manage money in multiple currencies, making it easier to manage international transactions.
• Quick and easy setup: Setting up a Revolut business account is quick and easy, with the entire process taking just a few minutes.

Cons of Revolut

While there are many benefits to using Revolut for business banking, there are also some potential drawbacks to consider. These include:

• Limited customer support: Revolut’s customer support can be limited, which may be frustrating for businesses that need help with complex issues.
• Limited funding options: Revolut does not currently offer loans or other funding options for businesses.
• Limited integrations: While Revolut offers a range of integrations with accounting software, there are some gaps in its offerings.

Pros of Monzo

Monzo is a strong option for businesses that prioritize simplicity, ease-of-use, and strong customer support. However, businesses that require multiple currency options, cash deposit capabilities, or more robust funding options may need to look elsewhere.

• Simple and easy-to-use interface: Monzo’s business banking platform is user-friendly and easy to navigate, making it a great option for businesses that prefer a streamlined experience.
• Strong customer support: Monzo offers a range of customer support options, including live chat, email, and phone support, making it easier for businesses to get the help they need when they need it.
• No monthly fees for some accounts: Monzo offers some free account options, which can be beneficial for smaller businesses that are just starting out or that have limited budgets.
• Loans and overdrafts available: Monzo offers loans and overdrafts to eligible businesses, which can be helpful for businesses that need additional funding to grow or to manage cash flow.

Cons of Monzo

• Limited currency options: Monzo only supports GBP currency, which can be a limitation for businesses that operate internationally and require multiple currency options.
• No cash deposit option: Monzo does not offer a cash deposit option, which can be a limitation for businesses that handle a lot of cash transactions.
• Limited funding options: While Monzo does offer loans and overdrafts, these options may not be available or may not be suitable for all businesses.
• Limited integration options: While Monzo does offer a range of integration options with accounting software and other tools, there may be some gaps in its offerings that could be limiting for certain businesses.

Key differences

While both Revolut and Monzo offer digital-only banking solutions, there are some key differences between the two. Some of the main differences include:

1. Target audience: Monzo is targeted primarily at small businesses, while Revolut is aimed at a wider range of businesses, including freelancers, startups, and larger corporations.
2. Account fees: Monzo offers a range of account options, some of which are free, while Revolut charges fees for all its business accounts.
3. Funding options: Monzo offers loans and overdrafts for businesses, while Revolut does not currently offer these options.
4. Customer support: Monzo’s customer support is generally considered to be stronger than Revolut’s, with more options for getting help.

Costs and considerations for Revolut vs Monzo business accounts

When considering the costs and considerations of using Revolut or Monzo for business banking, there are several factors to keep in mind. These include:

1. Account fees: Revolut charges monthly fees for its business accounts, while Monzo offers some free account options.
2. Transaction fees: Both Revolut and Monzo charge transaction fees, although the exact fees and rates vary depending on the type of account.
3. Funding options: Monzo offers loans and overdrafts for businesses, while Revolut does not currently offer these options.
4. Customer support: Monzo’s customer support is generally considered to be stronger than Revolut’s, with more options for getting help.
5. Integration options: Both Revolut and Monzo offer a range of integration options, but there are some gaps in each platform’s offerings.

Conclusion

When it comes to choosing between Revolut vs Monzo for business banking, there are many factors to consider.

Revolut is known for its cutting-edge technology, competitive exchange rates, and multi-currency accounts, while Monzo is targeted primarily at small businesses and offers loans and overdrafts.

Ultimately, the best choice will depend on the specific needs of your business, so it’s important to carefully evaluate the pros and cons of each platform, as well as the associated costs and considerations, before making a decision.

If your business operates internationally and requires a range of currency options, Revolut may be the better choice for you. On the other hand, if your business is a smaller operation that could benefit from additional funding options and stronger customer support, Monzo may be a better fit.

Regardless of which platform you choose, it’s important to keep in mind that digital-only banking solutions are still a relatively new concept, and there may be limitations or challenges associated with their use.

Before making a decision, take the time to research both Revolut vs Monzo thoroughly, and consider speaking with other businesses in your industry to get a sense of their experiences and recommendations.

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