Monese grabs $10m to help migrants open bank accounts

fintech insurtech wealthtech regtech ai cybertech esg news
fintech insurtech wealthtech regtech ai cybertech esg news

London-based mobile banking startup aimed at migrants Monese has picked up $10m in a Series A round.

The investment comes from Anthemis Exponential Ventures, STE Capital, Korea Investment Partners and existing backers Seedcamp and SmartCap.

The app-only bank allows users to open a bank a UK bank account regardless of their citizenship.

The account can be opened simply by taking a selfie and a picture of their passport or national identity card.

Monese current account users can carry out everyday banking tasks such as receiving salaries or transferring money abroad.

Users also receive a contactless debit card for in-store or online shopping.

Targeted at migrants and expats, the company claims to have attracted more than 40,000 customers from 179 different countries since launching in September 2015.

It also reports more than 1.8 million transactions on the platform to date with £150m flowing through it.

Monese CEO Norris Koppel said: “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.”

The round brings Monese’s total funding to $11.8m with it previously raising a $1.8m venture round in May 2015.

Copyright © 2017 FINTECH GLOBAL

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.