FinTech firm Monese has acquired Trezeo, a financial services provider that is serving independent and self-employed workers, for an undisclosed amount.
Trezeo offers a subscription-based income smoothing and digital financial safety net to independent workers, gig workers and the self-employed in the UK.
According to Monese, the acquisition is part of a wider push by the company to expand its products and services by offering credit and lending to consumers with untraditional working and income patterns.
This acquisition also comes off the back of Monese’s recent launch of Bills Protection Insurance, which is a safety net to help customers in the UK cover their regular rent, utility and grocery bills in the event of an accident, hospitalisation, sickness or involuntary loss of employment.
As part of the deal, Trezeo CEO Garrett Cassidy will join Monese’s leadership team and Flavien Charlon will lead credit technology at Monese.
Monese CEO and founder Norris Koppel said, “We’re very excited to be announcing this acquisition today. This is the start of us moving further into credit and lending and broadening our services for independent and self-employed workers, which will significantly enhance our offering to our existing customers. Many of Trezeo’s target customers are our customers: gig workers, side-hustlers, go-getters, and all those working towards achieving their dreams. We know these workers are looking for more of a safety net, particularly when it comes to accessing credit. Modern, digital financial services have a great opportunity to serve this ever growing workforce and help them juggle the pressures and priorities of post-pandemic life.”
Trezeo CEO and founder Garrett Cassidy added, “We are very pleased to be announcing the acquisition of the business by Monese. We started Trezeo five years ago with the ambition to serve the independent and self-employed workers who power towns and cities. We have since developed a totally unique financial services platform for this rapidly growing workforce.
“This acquisition allows us to continue to deliver our mission, under the Monese brand, to a much bigger audience across Europe. We are two companies that are very closely aligned in mission and purpose. We’re very excited about what we can achieve together.”
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