Monese raises $10m to expand mobile banking service for immigrants into Europe

Monese raises $10m to expand mobile banking service for immigrants into Europe

Monese, a London-based digital banking service targeting immigrants that have trouble opening accounts with traditional high street players, has raised $10 million to help it expand into mainland Europe.

Anthemis Exponential Ventures, Korea Investment Partners and STE Capital are among the investors who joined the round.

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.

The service launched in the UK in September 2015, promising instant account opening via a mobile app, a fully-featured current account interface, cheap global payments and a contactless debit card.

The firm says that it has now signed up over 40,000 customers from over 179 different countries who have collectively made over 1.8 million transactions, moving £150 million. The plan now is it move into mainland Europe and become the service of choice for expats, migrants and those seeking an alternative to traditional banks.

Says Koppel: "The money raised will be key in helping us launch Euro current accounts and become available to customers in other European markets as well as a host of new features like direct debit and credit services to ensure customers have everything they need to stay in complete control of their finances."

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