UK-based Fintech startup, Monese has secured $60m in Series B funding from a host of high-profile investors. The round was led by 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 plans to deploy newly raised capital in product development, international expansion and hiring additional resources across its business functions.
Launched in 2015 by Norris Koppel, Monese is a mobile current account provider, operating in 20 countries across UK & Europe. The company’s product is powered 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.
The majority of its nearly 600,000 customers use Monese as their primary bank account, with 75 percent of all incoming funds being regular salary payments. The start-up claims that the number of new monthly customers has been tripling since the end of 2017, 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.”
With the current funding round, Monese has raised a total $76M to date. The company currently employs 140 people across its offices in London, UK, and Tallinn, Estonia. Further, it plans to hire an additional 100 employees across both existing as well as a third new office in Portugal by the end of the year.