Mobile banking app Monese clinches $10m Series A

Investment will be used to target customers in other European markets and launch new products and services

Monese, a London-based mobile banking app, has closed a $10m Series A funding round from Anthemis Exponential Ventures, STE Capital, Korea Investment Partners, Seedcamp and SmartCap.

Launched in September 2015, Monese enables expats, migrants or anyone seeking a non-traditional bank to open a bank account in the UK by taking a selfie and a picture of their passport or identity card.

They can then receive a salary, shop in store or online, pay with a contactless debit card and transfer money locally or abroad for what the company claims can be up to eight times less than rival services.

Over 40,000 customers have singed up to Monese so far, from more than 179 countries. The platform has facilitated over 1.8 million transactions equating to £150m.

The latest funding, which brings total investment into the company to $15.8m, will be used to help Monese launch Euro current accounts to target customers in other European markets, as well as launch new products and services.

Norris Koppel, CEO of Monese, commented: “We are incredibly excited to close a heavily oversubscribed funding round with a suite of top investors at our side.

“The money raised will be key in helping us launch Euro current accounts to become available to customers in other European markets, as well as a host of new features like direct debit and credit services to ensure customers have everything they need to stay in complete control of their finances,” he added.

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