The bank’s new service provides free and premium accounts in order to achieve its goal of reaching profitability in two to three years.

The service has been launched after a year-long beta testing period with some SMEs.

Alongside its free Lite account, Monzo is offering a Pro variation which costs the user £5 per month and offers premium features such as invoice support, tax pots and access for multiple users.

To apply for the new business account, customers must already hole a personal account with Monzo, as the bank’s hope will be that its 3 million customers will contain a substantial number of traders and small business owners who want to use the bank for both their business and personal needs.