Monese, the mobile-only banking app aimed at European customers who may struggle to open a bank account in the UK via traditional means, has raised $10m in Series A funding round.
The money will be used primarily to move beyond the UK and expand into mainland Europe and introduce new services such as direct debit and credit services to push the app closer to being like a bank account. This is all part of the company’s vision of becoming, “the service of choice for expats, migrants and those seeking an alternative to traditional banks.”
According to Monese, the demand is certainly there. Since its launch in September 2015, the company says it has signed up over 40,000 customers from over 179 different countries, who have collectively made over 1.8 million transactions, moving £150 million.
Norris Koppel, CEO at Monese commented, “We are incredibly excited to close a heavily oversubscribed funding round with a suite of top investors at our side.
“The money raised will be key in helping us launch Euro current accounts and become available to customers in other European markets as well as a host of new features like direct debit and credit services to ensure customers have everything they need to stay in complete control of their finances.”
Investors included Anthemis Exponential Ventures, STE Capital and Korea Investment Partners. The latter has already invested in another internet-only bank, Korea’s first, Kakao. The investment in Monese represents the VC’s first foray into European ventures.
A further £2.5m is expected to be raised from crowdfunding on Tuesday.
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