Monzo takes the crown as the best option for new businesses

With Monzo in the number one spot, here are the top-rated business banks and the best financial partners for small and medium-sized enterprises.

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Small and medium-sized enterprises (SMEs) have long grappled with a significant challenge: access to suitable banking services. Historically, these dynamic entities have often found themselves underserved by the traditional banking sector, despite being the most needy. 

In response to this, has recently revealed its research compiling a list of the highest-rated business banks based on customer reviews from Smarter Money People

Here are the top contenders according to the research.

1. Monzo – 4.96 out of 5

Monzo shines as the top choice for new businesses. Boasting an impressive rating of 4.96 out of 5, it’s no surprise that it’s the top choice for new businesses. But what makes Monzo stand out from the crowd? 

It seems Monzo’s reputation as the best choice for new businesses isn’t just a matter of customer testimonials; it’s grounded in impressive achievements and a commitment to sustainability. 

In 2022, the London-based start-up made headlines when it secured £1 million of investment in a record-breaking 96 seconds through equity crowdfunding platform Crowdcube. 

This followed their initial £7 million investment from Passion Capital in two separate funding rounds, signifying investor confidence in Monzo’s vision.

This year, Monzo took a significant step towards environmental responsibility by actively addressing the carbon footprint associated with their debit cards and spending in 2021. By purchasing carbon removals to offset these emissions, Monzo effectively removed a staggering 1,265 metric tons of CO2e from the atmosphere. 

Beyond customers wanting to support mission-led brands and businesses such as this, Monzo’s customers have also been raving about its quick setup process, overseas advantages, and transparent fee structure. 

2. Starling Bank – 4.93 out of 5

Starling Bank closely follows Monzo with a rating of 4.93. Its commitment to customer service and innovative digital features make it a strong contender. Business owners appreciate the flexibility and efficiency that Starling Bank offers.

3. Allica – 4.92 out of 5

Allica secures the third spot with a rating of 4.92. This bank is known for its tailored services for small and medium-sized enterprises (SMEs), providing businesses with the financial tools they need to thrive. Allica’s expertise in understanding business requirements sets it apart.

4. Coconut – 4.86 out of 5

Coconut shares the fourth position with Countingup, both earning a rating of 4.86. Coconut’s niche focus on freelancers and self-employed individuals makes it an ideal choice for those with unique business needs. Its all-in-one platform simplifies tax and expense management.

5. Countingup – 4.86 out of 5

Countingup’s dual accounting and banking features make it a top choice for small businesses. With a rating of 4.86, SME owners find it a user-friendly option to keep business finances in check.

6. Tide – 4.81

Tide stands strong with a rating of 4.81. It caters to startups and small businesses, providing them with the tools needed to manage their finances efficiently. Customers appreciate Tide’s straightforward approach.

7. ANNA – 4.80 out of 5

ANNA, which stands for “Absolutely No Nonsense Admin”, scores 4.80. Its focus on reducing administrative hassles for businesses resonates well with customers. ANNA’s commitment to simplicity sets it apart in the banking arena.

8. Cashplus Bank – 4.80 out of 5

Cashplus Bank also earns a rating of 4.80, making it a worthy contender. It offers a range of business banking solutions, including prepaid cards and expense management tools. Customers value its versatility.

9. HSBC Kinetic – 4.74 out of 5

HSBC Kinetic secures a place on the list with a rating of 4.74. As one of the more traditional options to make the list, it combines the reliability of a well-established bank with the convenience of modern banking features.

10. Mettle – 4.27 out of 5

While Mettle rounds out the list with a rating of 4.27, it still offers valuable services to business owners. Its integration with accounting software and user-friendly interface make it an option worth considering.


With over 70% of small businesses feeling neglected by traditional banks, greater competition in the financial sector is emerging with the rise of challenger banks (such as Startups’ 100 alumnis Monzo and Starling Bank, or Revolut). 

When searching for a business bank that provides a more competitive and custom fee structure and can be tailored to specific needs, these top-rated options are certainly worth considering. 

Written by:
Stephanie Lennox is the resident funding & finance expert at Startups: A successful startup founder in her own right, 2x bestselling author and business strategist, she covers everything from business grants and loans to venture capital and angel investing. With over 14 years of hands-on experience in the startup industry, Stephanie is passionate about how business owners can not only survive but thrive in the face of turbulent financial times and economic crises. With a background in media, publishing, finance and sales psychology, and an education at Oxford University, Stephanie has been featured on all things 'entrepreneur' in such prominent media outlets as The Bookseller, The Guardian, TimeOut, The Southbank Centre and ITV News, as well as several other national publications.

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