Monese, a London-based digital banking service targeting immigrants that have trouble opening accounts with traditional high street players has opened for business in the UK.
The startup promises instant account opening via a mobile app, a fully-featured current account interface, cheap global payments and a contactless debit card.
Monese was founded by Estonian Norris Koppel, who says that he has first-hand experience of the hassle involved with opening a bank account in a new country. He is joined in the venture by ex-Skype, ex-AKQA and ex-RBS staff.
In May, Monese raised $1.8 million from Seedcamp, early Spotify investor Shakil Khan and a group of angel investors.
To open an account users are requested to take a snap of their passport and pose for a selfie. The process takes just minutes says the company, which claims to have a waiting list of 55,000 pre-registered customers.