Monese raises $10M Series A for its banking app targeting immigrants and expats

Jan 4, 2017 · techcrunch.com

Screen shot 2017 01 05 at 06.53.30

Monese, the London-based fintech startup that offers a mobile banking app for immigrants and expats who might otherwise find it difficult to open a bank account outside of their originating country, has raised $10 million in Series A funding.

The company plans to use the new capital to launch a Euro account, thus bringing its service to customers in European markets other than just the U.K., as well as roll out new functionality such as direct debit and credit services. This will bring the Monese app even closer to a fully fledged current account offered by a traditional bank.

Backing the startup’s A round are fintech investor Anthemis Exponential Ventures (which previously backed challenger bank Simple), STE capital, and Korea Investment Partners.

The latter recently invested in Korea’s first Internet-only bank Kakao Bank and is described as a "strategic investor" with relation to Monese. It is also the first time Korea Investment Partners has backed a European startup.

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