Monito, the Lausanne-based comparison website for international money transfer services, has raised US $2.5 million in Series A financing led by Tamedia, Switzerland’s leading private media group.
B&Y Venture Partners, Silicon Valley-based serial fintech entrepreneur Alexandre Gonthier as well as historic investors also participated in this round.
Monito helps individuals and businesses find, compare and review the best money transfer provider for their needs out of the hundreds of available options across more than 190 countries. The comparison website has already been used by millions of people from all over the world and currently employs 7 staff members.
François Briod, co-founder and CEO of Monito: “We’re extremely grateful and excited by the support received from historic investors, and are looking forward to welcoming new investors joining us on our journey to make the money transfer industry more transparent for the better. We’re very much looking forward to collaborating with Tamedia, and - among other things - benefitting from their strong expertise in digital marketing and growing online marketplaces.”
The company intends to use these funds to extend its international audience and raise more awareness regarding the huge potential savings of comparing money transfer fees. Monito will start hiring new software engineers, designers and digital marketers to complement its current team and boost its expansion.
Samuel Hügli, Member of the Management Board and Head of the Technology & Ventures Division at Tamedia: “Following our investment in the blockchain-based Lykke marketplace, Monito is another addition to our fintech portfolio. As a company, we intend to learn more in this area, and I'm already looking forward to exchanging ideas with the highly experienced Monito start-up team.”