Monese Secures $60 Million in Series B Funding
Monese, a pioneering mobile-only current account provider based in London, UK, has successfully secured $60 million in Series B funding, significantly boosting its financial backing. This latest investment round has elevated the company's total funding since its inception to an impressive $76 million. Kinnevik led this round, with notable participation from prominent entities such as PayPal, Augmentum Fintech, International Airlines Group through its loyalty and data venture Avios Group Ltd, and Investec’s INVC Fund. The funds acquired will be instrumental for Monese as the company focuses on product development and furthering its international expansion efforts.
As part of its ambitious growth strategy, Monese plans to bolster its team by hiring an additional 100 employees across its existing offices in the UK and Estonia, alongside establishing a third office in Portugal by the end of the year.
Under the visionary leadership of Norris Koppel, the Founder and CEO, Monese has evolved into a mobile current account provider that serves customers across 20 countries throughout the UK and Europe. With nearly 600,000 sign-ups to date, the platform facilitates the opening of European IBAN accounts, allowing individuals who move and work abroad to gain immediate access to essential financial services.
Monese distinguishes itself through its proprietary technology, which enables comprehensive KYC (Know Your Customer) checks globally and in real time. This innovative approach allows users to create an account in as little as 120 seconds, irrespective of their citizenship, proof of address, or credit history. Consequently, Monese effectively caters to a diverse range of internationally mobile customers who have typically been overlooked by traditional financial institutions. Remarkably, 75% of all funds deposited with Monese originate from regular salary payments. Currently, the company employs a dedicated workforce of 140 individuals spread between its offices in London and Tallinn, Estonia, reinforcing its commitment to supporting global mobility and financial inclusion.
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