19 August 2017
Find out more

Monese moves closer to full-service banking

16 June 2017  |  6627 views  |  0 Man holding smartphone

The transformation of mobile account provider Monese into a full-service bank has moved a step closer with the introduction of direct debits and Faster Payments.

Monese, which is aimed at expats and immigrants who typically struggle to get a traditional bank account, currently has over 65,000 customers and closed its Series A funding round in January 2017, taking total amount raised to $15.8 million.

With 75% of all customers choosing Monese as their salary receiving account, the introduction of direct debits has come in response to direct demand from users.

Alongside this, Monese has also gained access to Faster Payments providingg near-instantaneous transfers to its customer base, who collectively move over half a billion pounds annually from within the app.

In addition, Monese is also making its debut on the high street, providing cash deposits at 11,500 Post Office branches across the UK, and 29,000 PayPoint locations.

Norris Koppel, CEO and founder of Monese says: “This upgrade is evidence of how we are able to combine technology and creative thinking to respond to the needs of a mobile user group in an on-demand economy. We believe that people should be able to live, travel, and work freely, without the administrative burdens and restraints of legacy financial systems.”

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

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

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

03 January 2017  |  6160 views  |  0 comments | 10 tweets | 6 linkedin
Mobile-first Monese opens in the UK

Mobile-first Monese opens in the UK

21 September 2015  |  7879 views  |  0 comments | 27 tweets | 13 linkedin
Monese raises $1.8m for mobile banking service for immigrants

Monese raises $1.8m for mobile banking service for immigrants

28 May 2015  |  12193 views  |  2 comments | 14 tweets | 11 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.worldpaymentsreport.comvisit www.dorsum.euvisit www.niceactimize.com

Top start ups topics

Most viewed Most shared
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
7308 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
6019 views comments | 10 tweets | 7 linkedin
satelliteSimmons and Simmons wins Fintech Hive lega...
5109 views comments | 3 tweets | 1 linkedin
ADGM and UAE Exchange bid to expand fintech ecosystemADGM and UAE Exchange bid to expand fintec...
4992 views comments | 4 tweets | 2 linkedin
Digital pocket money startup Spriggy secures A$2.5 million fundingDigital pocket money startup Spriggy secur...
4540 views comments | 2 tweets | 2 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job