Monese, a London, UK-based mobile-only current account provider, secured $60m in Series B funding.
The round, which brought total funding since launch to $76M, was led by Kinnevik with participation from PayPal, Augmentum Fintech, International Airlines Group for its loyalty and data business Avios Group Ltd, and Investec’s INVC Fund.
The company intends to use the funds for product development and international expansion. Monese plans to hire an additional 100 employees across its existing UK and Estonian offices as well as a third new office in Portugal by the end of the year.
Led by Norris Koppel, Founder and CEO, Monese is a mobile current account provider which now operates in 20 countries across UK & Europe. With nearly 600,000 sign-ups, the accunt allows people moving and working abroad to open European IBAN accounts and get instant access to financial services. Its product is powered by a proprietary technology that conducts deep KYC (Know Your Customer) checks globally in real time. This enables the creation of an account in as little as 120 seconds regardless of citizenship, proof of address or credit history, and allows Monese to serve a diverse set of internationally mobile customers currently underserved by traditional financial institutions.
75% of all Monese funds come from regular salary payments.
The company employs 140 people across its offices in London, UK, and Tallinn, Estonia.