Fintech startup Monese raises $10M to expand mobile banking to Europe

Fintech firm Monese that provides mobile banking for migrant workers, announced that it has raised $10 million from a suite of top investors from around the world including Anthemis Exponential Ventures, Korea Investment Partners, and STE Capital.

The funding is to expand into mainland Europe and become the service of choices to expats, migrant workers and those seeking an alternative to traditional banks, the announcement stated. since the company’s launch in 2015, it has attracted investment from Smartcap and Seedcamp and its users have moved over £150m through its app.

“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 and 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,” Norris Koppel, CEO at Monese commented.

The fundraise begins with the backing of investors Anthemis Exponential Ventures, one of the world’s leading fintech investors, STE Capital and a strategic investor Korea Investment Partners, South Korea’s leading VC with $1.5 billion under management and with recent investments in the Korea’s first Internet-only bank Kakao Bank.

Monese account enables users to undertake all of their everyday banking tasks including receiving a salary, shopping in store or online with their Monese contactless debit card, paying friends, family or bills with UK bank transfers, among others.

“2017 will be an incredible year for Monese, with various plans to grow our company and expand our services,” the fintech firm stated.