MoneeMint has scored a strategic investment from Ground One Ventures to help it build a digital-only "ethical bank" in the UK and Europe. Details of the funding were not disclosed.
Slated to launch in the first quarter of next year, MoneeMint is looking to stand out in a crowded challenger bank environment by stressing its ethical credentials.
Before rebranding in September, the firm went under the name Ummah Finance and was focused on building a bank for the UK's Muslim population.
It has now pivoted to target a broader range of underserved communities and millennials across the UK and Europe, promising financial services that are "ethical, transparent and serves the need of the end-customer".
Details are scant but the firm will use the new investment to fast-track its technology development and has hinted at a collaborative approach with other banks and fintech firms.
Hassan Waqar, co-founder, MoneeMint, says: "We are going back to drawing board, looking at each and every aspect of customer current banking journey, the hardship they face and changing it fundamentally from grounds up - giving our customers the freshest banking experience."
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