So the day has arrived. Monizo is start­ing its life with a new and unique iden­tity. Monizo becomes Coconut, the altern­at­ive bank account for freel­an­cers.

Choos­ing a name for a busi­ness is a toughy. There are so many things you need to take into account. How mem­or­able it is, will the name travel, can people say it and spell it, how easy is it to find, can you buy the domain name you want, can you shout it to someone across a noisy pub and so on.

It’s been an excit­ing jour­ney and there were a few reas­ons for us to make the change. I’m sure you all know that there are some oth­er great and dis­rupt­ive bank­ing star­tups with sim­il­ar sound­ing names. Also Monizo, whilst we’ve loved it, didn’t pass a lot of the tests above.

But most import­antly we thought we could do bet­ter. This was a great oppor­tun­ity to find some­thing that wasn’t just anoth­er star­tup name. It was our chance to cre­ate a brand that means some­thing to freel­an­cers and car­ries our mis­sion: to revolu­tion­ise how freel­an­cers man­age their money.