Startup company to launch first banking service for freelancers

Monizo, a startup set up by former PwC staff Samuel O’Connor and Adam Goodall, will allow entrepreneurs to set up an account within a few minutes.

The new banking service will offer a wide range of services to freelancers for a monthly fee.

Unexpected

Monizo, which was launched in March, will include services such as invoices built-in to bank accounts, receipt capture, and payment notifications.

Freelancers will also be able to avoid “unexpected” tax bills by using the company’s automatic tax forecasting service in real-time.

According to O’Connor, the company will be “mobile focused”, running via an iOS app to start with and then moving on to platform apps and a web app.

Unique

O’Connor added that the service caters to the needs of entrepreneurs across the UK, who are dealing with more “onerous” rules – such as tax returns having to be filed quarterly in the UK by the end of 2018.

“The needs of freelancers are unique. They are pursuing something they love and want to concentrate on that. But they get caught up in the moment and a lot of freelancers don’t realise what’s going to happen down the line,” he said.