Here comes another UK challenger bank. Monizo is pitched as the world’s first bank account for freelancers that helps them manage their money all through a mobile app. According to the venture’s website, “Monizo is a bank account that takes the pain out of financial management. We give you all the tools you need to stay on top of tax, record keeping and invoicing, all from your smartphone. We’re also building tools that will help you manage your financial future by giving access to things like mortgages, pensions and insurance tailored to your specific freelancer needs.”

The new entrant is the brainchild of Adam Goodall and Samuel O’Connor. They met at PwC where they trained as accountants before moving on to launch ProConfirm, a FinTech startup that was acquired by Confirmation.com in 2014. They started freelancing after leaving Confirmation.com and got frustrated with how hard it is to manage money as a freelancer, even with an accounting background, and so Monizo was born.

The two are working on a first version of the product which should be available to a limited number of people on their waiting list by the end of the year. This will have a selection of functionality which its community members will help test and improve.

By Scott Thompson

by Scott Thompson
Scott is Senior Editor at IBS Intelligence. You can follow him on Twitter and contact him at: Scott.Thompson@ibsintelligence.com
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