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Monese weighs job cuts, lowers funding ambitions - reports

Monese weighs job cuts, lowers funding ambitions - reports

Mobile banking startup Monese is set to make staffing cuts and lower its ambitions for a funding round as it adjusts to the Covid-19 environment, according to press reports.

London and Tallinn-based startup Monese targets expats and immigrants who typically struggle to get a traditional bank account.

In January, having reached two million users, the startup looked set to join the unicorn club as it closed in on a £100 million funding round.

However, the coronavirus pandemic has forced Monese to rein in its immediate ambitions, according to Financial News, which reports that the company is now aiming to raise half its initial target, relying on existing investors such as PayPal and Kinnevik.

Meanwhile, citing sources, AltFi reports that Monese's Berlin and Lisbon offices could be closed, with the loss of about 35 positions. More jobs could go in London and Talin.

In a statement, the firm confirms it is making moves during the pandemic but stresses that it has not worked out the detail.

A spokesperson tells AltFi that "we are going to be focussing more of our resources on our core tech platform and banking infrastructure, and on our core European markets".

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