Monese announced that over 500,000 people have now signed up to its service, an impressive number which is set to continue to grow faster than ever.
It’s a significant landmark in the Monese mission to provide a current account to the world’s ‘unstoppables’, those whose ambitions take them around the world for work. Compared to the end of 2017, the company is now signing up three times the number of customers each month.
Built around the modern-mobile on-the-go lifestyle - utilising fast onboarding, real time notifications and money management features, Monese is the mobile-only banking service that validates customer’s identity fully within the app, enabling access to secure banking even for customers with no credit history or no formal proof of address. Account opening takes place in real-time, and they can fully onboard users in an incredible 120 seconds.
The Monese App, website and customer service function is fully localised in 10 languages and provides local banking accounts in 20 countries (UK current accounts and European IBANs) for a transparent low-cost price (for example the annual cost of running its popular medium pricing tier is up to 5x lower than ‘free’ bank accounts provided by high street banks). Users are even able to deposit cash from one of over 40,000 cash deposit locations, with more on the way. For all the above reasons and more, active Monese customers user the service at least once a day.
Currently, 2 thousand people are signing up to Monese daily, with customers moving over $2BN annually through their Monese accounts, all the more impressive considering the company launched less than 3 years ago. Even more impressive is the fact that with the majority of Monese customers using it as their primary bank account, 75% of deposits are salaries - testament to the high levels of trust being developed.
With such high rates of sign up - security is of paramount importance. Around 25% of the Monese workforce is dedicated solely to protecting their customer’s money and detecting suspicious activity at the earliest possible stage. The company employs a team of data scientists to ensure that Monese remain one step ahead of cyber-criminals. Using machine learning, they are able to program machines to continuously learn and detect fraudulent behaviour.
As well as this, Monese recently became members of CIFAS - the UK’S largest cross-sector fraud sharing organisation. By doing so, Monese have joined forces with the biggest banking services in the UK to aid in the fight against fraud.
Norris Koppel, CEO and Founder of Monese, says:
“It’s super exciting to hit a half a million sign ups, and it is still early days.
We are proud to serve our customers: they have an unstoppable ambition to live and work around the world, and we believe they deserve instant and secure access to their money regardless of their financial history or place of address. As we grow, we will continue to develop and launch new product features relevant for our modern-mobile-global users.”