9 years ago
Monese Raises $10 Million to Expand into Europe
Monese, a London-based mobile banking service, has raised $10 million in Series A funding from investors including Anthemis Exponential Ventures, Korea Investment Partners, STE Capital, SmartCap, and Seecamp
The funding will be used to expand into mainland Europe and offer new features like direct debit and credit services
Monese aims to become the bank account of choice for migrants, expats, and those seeking alternatives to traditional banks.
ProblemFinancial Services
"Opening a bank account in a new country can be difficult and expensive for expats and migrants, especially if they don't have a local address or credit history. Traditional banks often charge high fees for things like overdrafts, missed direct debits, and overseas transactions, making it hard for people to manage their finances."
Solution
"Monese offers a mobile-first banking service that allows anyone to open a current account in minutes, regardless of their citizenship or residency status. The service is designed to be affordable and transparent, with a fixed monthly fee and no hidden charges. Monese also offers features like cheap global payments and a contactless debit card, making it easy for people to manage their money while living abroad."
