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Monese secures USD 60 million for international expansion

UK Monese Bank has secured USD 60 million in capital to fund the continued development of its service worldwide. This Series B round is led by Kinnevik, with participation from PayPal, Augmentum Fintech, and International Airlines Group. 

 

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Monese has been making progress and is enjoying its third year in the marketplace.

READ MORE: Bank account on your mobile phone: get Monese card in 3 … 

Last month, it unleashed free student accounts as it attempted to get new account holders at a young age – and hoped they would stay.

Prior to that, in 2017, it went pan-European with its mobile current account and debuted direct debits.

Use code CKJETEDP to get a free £5 reward when opening a Monese account.

According to Monese, it now has nearly 600,000 users who are moving over $2.5 billion a year. It says the number of new monthly customers has been tripling since the end of 2017.

The funding will be used for the usual stuff – increasing the size of its operations, international expansion, and recruiting more staff in its London and Tallinn (Estonia) offices. It will also open a new office in Lisbon, Portugal.

Monese adds that at the beginning of 2017 it was a team of 36. Since then, that team has quadrupled.

As with any UK financial provider, Monese is regulated by the Financial Conduct Authority (FCA) and adheres to their standards in terms of security. They have a Trustpilot rating of 9.2 out of 10 from more than 6,000 reviews.

Monese is a UK company that offers current accounts and money transfer services as an alternative to traditional banks, as we already said. The mobile-only service provides accounts in Pounds sterling, Euros and Romanian leu, and is available in 31 countries across the European Economic Area.

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