UK and Estonia-based challenger banking app, Monese, has successfully raised $60 million in a Series B funding round, led by notable global investor Kinnevik. Other participants included prominent names such as PayPal, Augmentum Fintech, and International Airlines Group’s Avios Group.
Monese was founded by Norris Koppel, who moved to the UK from Estonia and encountered difficulties opening a bank account due to the lack of a credit history or utility bills. Launched in 2015, Monese offers a mobile-only current account, targeting customers newly arrived in a country or those with a limited credit file.
The start-up’s $60 million Series B round saw significant contributions from existing backers, including Investec’s INVC Fund. In a recent announcement, Monese stated: “As in the UK, adoption rate has exceeded our expectations. Now, Europe is embracing the Monese product even faster than the UK market.” Monese today services nearly 600,000 users who are moving over $2.5 billion a year. The number of new monthly customers has tripled since the end of 2017.
The company plans to utilise this capital injection to expand its operations and accelerate its international growth strategy. We’ll be able to recruit more all-star talent in our London and Tallinn offices, augmenting existing teams but also opening up new roles all across the business. The company further revealed plans to establish a new base in Lisbon, Portugal.
Since the beginning of 2017, Monese’s team has grown from 36 to 140 individuals. The additional funding is expected to support the continuous hiring of top talent and further the company’s mission to make global banking accessible to everyone.
Monese’s impressive growth trajectory and substantial backing from high-profile investors underscore the start-up’s potential to disrupt the traditional banking sector. The new funding will not only aid in scaling the business but also support its mission of offering accessible banking services globally.