Monese
| Company type | Private |
|---|---|
| Industry | Financial technology, financial services |
| Founded | 2015 |
| Headquarters | London, United Kingdom |
Area served | European Economic Area |
Key people | Norris Koppel, founder & CEO |
| Products | Current accounts, remittance, debit cards |
| Revenue | £27.7 million (2022)[1] |
Number of employees | 370 (2019) |
| Website | www |
Monese is a British company that offers current accounts and money transfer services as an alternative to traditional banks. The mobile-only service provides accounts in Pounds sterling, Euros and Romanian leu, and is available in 31 countries across the European Economic Area. As of January 2020, it has over 2 million customers.[2]
History
[edit]Monese was founded by Norris Koppel, an entrepreneur from Estonia. Koppel moved to the United Kingdom and had his application for a current account at a major high-street bank declined because he could not provide local proof of address and did not yet have credit history in the UK.[3] This experience led Koppel to vow that one day he would launch a banking service that did not exclude customers based on their residency or lack of credit history.[4]
The company completed its seed round in May 2015, raising $1.8 million from Seedcamp, early Spotify investor Shakil Khan and several other angel investors.[5]
Monese launched its first product, an instant-to-open mobile current account in the UK, on 21 September 2015.[6]
Prior to the launch of its current account, it was reported that over 56,000 customers pre-registered for service and joined a waiting list to be granted access.[7] Monese is able to provide banking services to resident and non-resident customers, and has an account opening process that can be completed on a customer's smartphone in under three minutes.[8]
Monese closed its Series A round in January 2017, announcing a $10 million raise from Outward VC, Anthemis Exponential Ventures, STE capital, and Korea Investment Partners, Smartcap and Seedcamp.[9] Later that year it launched European accounts.[10]
Its next funding round, $60 million as part of Series B, was announced on 6 September 2018, and was led by Swedish investment company Kinnevik AB, with participation from PayPal, Augmentum Fintech, British Airways owner International Airlines Group and Investec backed Outward VC.[11]
Monese initially provided all of its services free of charge, except international money transfer – but in 2016 it began charging a fixed fee of £4.95 per month for its current account product.[12] It subsequently launched other plans and, as of November 2019, offers three different pricing plans: "Simple" with limited benefits but no fixed monthly fee, "Classic" for £4.95 per month, and "Premium" with no transaction charges for £14.95 per month.[13]
Towards the end of 2023 Monese began to charge UK customers £0.30 for virtual debit cards and £1 for domestic outgoing bank transfers. Transfers between Monese bank accounts remained unaffected.[14]
They aims to secure additional funding in 2024[15]
Mobile apps
[edit]To open and manage a Monese current account, customers must install the company's mobile app on their Android or iOS smartphone. The Android app has been available since Monese's public launch on 21 September 2015,[16] and the iOS app launched on 28 July 2016.[17]
See also
[edit]References
[edit]- ^ Monese aims to secure fresh funding after recording £30.5m annual loss for 2022
- ^ "Monese lands 2m customers since 2016 launch". AltFi News. 22 January 2020.
- ^ "For Banking App Monese, Founded To Serve Migrants, Brexit Has Been Good For Business". Fast Company. 13 January 2017.
- ^ "Monese raises $1.8m for mobile banking service for immigrants". Finextra. 28 May 2015.
- ^ "Monese Joins Seedcamp, Raising $1.8m to Provide Banking Services for Immigrants and Expats Across Europe". Seedcamp. 27 May 2015.
- ^ "Monese Launches In U.K. To Let Immigrants And Expats Get A Mobile Banking Account". Techcrunch. 21 September 2015.
- ^ "A banking app for migrants has 56,000 people on its waiting list". Business Insider. 16 October 2015.
- ^ "Check out the smart tech that lets you open a bank account with just a selfie and a passport pic". Business Insider. 16 November 2015.
- ^ "Monese raises $10M Series A for its banking app targeting immigrants and expats". TechCrunch. 3 January 2017.
- ^ "The infamous Brexit Bus is now being used to promote a fintech startup". The Next Web. 25 September 2017.
- ^ "Digital bank Monese scoops $60m Series B". AltFi. 6 September 2018.
- ^ "Here's the huge question facing fintech startups — can they make any money?". Business Insider. 6 June 2016.
- ^ "Monese pricing". Monese website. Retrieved 6 November 2019.
- ^ "UK Personal Fees and Limits". Monese website. Retrieved 8 January 2024.
- ^ Pathe, Tyler (3 January 2024). "Monese aims to secure fresh funding after recording £30.5m annual loss for 2022". Fintech Futures.
- ^ "The mobile banking revolution is here as Monese arrives". The Memo. 21 September 2015.
- ^ "Monese, the UK banking app for immigrants and expats, finally lands on iOS". Techcrunch. 28 July 2016.