London-based fintech startup Monese has raised $10 million in Series A funding. Monese offers a mobile banking app for immigrants who might find it difficult to open a bank account outside of their originating country.
Founded by an Estonian, Monese raised this funding from investors including Anthemis and Korea Investment Partners with the prime goal of expand from UK market into mainland Europe. Monese has already signed up more than 40,000 customers from over 179 different countries who have collectively made over 1.8 million transactions, since September 2015.
If the previous investors Smartcap and Seecamp who participated in the funding are to be taken into account, it brings total funding raised by the company to $15.8 million.
Monese is available via an app for Android and iOS. Monese claims that an account,can be opened in “under 3 minutes”. The app provides a ‘current account’ interface , low-cost international money transfers, and a Visa debit card. Cash deposit functionality ,and storing money in multiple currencies is also possible.
Customers caneasily perform their everyday banking tasks with a Monese account, 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.
Last year, Monese changed its revenue model. Rather than charging per transaction once a user had used up their free quota, the startup has switched to a monthly fee model. Current charges are £4.95 per account for almost all of its services. It has enabled Monese to position itself against the banks as a more transparent and better value banking service for immigrants or for that matter anybody else who may find it difficult to access the formal banking sector.