UK-based financial technology startup, Monese has secured an amount of $60m in the founding round of Series B from a host of high-profile investors. The round was led by some of the leading investor Kinnevik with participation from PayPal, Augmentum Fintech, International Airlines Group for its loyalty and data business Avios Group Ltd, and Investec’s INVC Fund.
The company is also planning to deploy some of the newly raised fund in the development of product, international import-export expansion and hiring some of the new resources across its business functions.
The startup which is launched in 2015 by Norris Koppel, Monese is a mobile current account provider, which his having its operation in around 20 countries across the UK & European countries. The company’s product is powered and supported wholly by a proprietary technology that conducts deep KYC (Know Your Customer) checks globally in real time. This enables the creation of an account in as little as 120 seconds regardless of citizenship, proof of address or credit history, and allows Monese to serve a diverse set of internationally mobile customers currently underserved by traditional financial institutions.
More of the company 600,000 customers use Monese as their primary bank account, with 75 percent of all incoming funds being regular salary payments. The start-up also claims that the number of new monthly customers has been tripling since after the end of 2017 which is also moving more than $2.5 billion each year through Monese accounts.
Tim Levene, CEO of Augmentum Fintech, says, “We look for firms that can disrupt and take market share, and not only is Monese able to do that, it is also able to move fast. Launched only four years ago it is already active in 20 countries, which demonstrates the demand for its product from the increasingly mobile European workforce. We believe that this is a market which will continue to grow.”
After getting the current funding round, now the Monese has raised a total $76M to date. The company currently employs 140 people across its more of the offices in London, UK, and Tallinn, and Estonia.
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