Mobile-Only Current Account Provider Monese Expands with further Investment

Mobile-only current account provider, Monese has announced that it has secured $60 million in capital as part of its next round of funding.

The investment, which will be used for product development and international expansion, brings the total funding since its launch to $76M. Now Monese can make its mobile financial services accessible to many more customers.

Since its launch in 2015 demand for Monese accounts has grown immensely. Nearly 600,000 users have signed up across the UK and Europe, monthly new customers have tripled since the end of 2017, and customers are now moving more than $2.5 billion each year through Monese accounts.

Global investor Kinnevik has made a major investment with PayPal, Augmentum Fintech and International Airlines Group, Avios Group Ltd and existing investors, including Investec’s INVC Fund, also participating in this round of funding.

Norris Koppel, Founder and CEO of Monese says “We’re excited about this significant investment from world-class investors, which will enable us to continue on our path to becoming a global financial platform to all. With a further series of product innovations to be announced in the very near future, this is an exciting time for Monese.”

Monese now enables customers to open European IBAN accounts in 20 countries – in as little as 120 seconds regardless of country, citizenship and without the proof required by other institutions.  It uses proprietary technology that conducts deep KYC (Know Your Customer) checks globally in real time to do so.

In the coming months Monese will bring out an exciting range of new features and offers.

For more information visit www.monese.com

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