Monese secures $60m in Series B funding
Written by Peter Walker
Mobile-only challenger bank Monese has secured $60 million in capital as part of a Series B funding round.
The investment, which will be used for product development and international expansion, brings the total funding since launch to $76 million.
This new funding round was led by Kinnevik, with participation from PayPal, Augmentum Fintech, and International Airlines Group for its loyalty and data business Avios Group. Existing investors, including Investec’s INVC Fund, also participated.
“We are excited about this significant investment from world-class investors, which will enable us to continue on our path to becoming a global financial platform to all, offering more people access to the latest generation of mobile banking services,” said Norris Koppel, founder and chief executive of Monese.
“With a further series of product innovations to be announced in the very near future, this is an exciting time for Monese,” he added.
A statement noted that Monese has an “aggressive product roadmap” for the coming months that will bring a range of new features and offers to the market. The company plans to hire an additional 100 employees across its existing UK and Estonian offices, as well as a third new office in Portugal by the end of the year.
Since its launch in 2015, nearly 600,000 users have signed up across the UK and Europe, while monthly new customers have tripled since the end of 2017, and customers are now moving more than $2.5 billion each year through Monese accounts.
Monese now also allows eligible customers to open European IBAN accounts in 20 countries. Its products are powered by a proprietary technology that conducts 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.