UK: Monese raises $10m to expand mobile banking service

Monese, a London-based digital banking service targeting immigrants that have trouble opening accounts with traditional high street players, has raised $10 million to help it expand into mainland Europe. The service launched in the UK in September 2015, promising instant account opening via a mobile app, a fully-featured current account interface, cheap global payments and a contactless debit card. The firm says that it has now signed up over 40,000 customers from over 179 different countries who have collectively made over 1.8 million transactions, moving £150 million. The plan now is to move into mainland Europe and become the service of choice for expats, migrants and those seeking an alternative to traditional banks. Noris Koppel, Founder and CEO of Monese, said on the planned expansion that: “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.”

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