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Mobile Payments

Estonian startup Monese to boost expansion in Europe

Thursday 5 January 2017 | 10:13 AM CET

Monese has raised USD 10 million from a suit of top investors from around the world to boost expansion in Europe.

The investors include Anthemis Exponential Ventures, Korea Investment Partners and STE Capital.

The startup offers a mobile banking app for immigrants and expats who might find it difficult to open a bank account outside of their originating country – without the need of having a local address or credit history.

Since the company’s launch in September 2015, it has signed up over 40,000 customers from over 179 different countries who have collectively made over 1.8 million transactions, moving GBP 150 million, according to the company.

The Monese service is available via an app for Android and iOS. Customers can open an account in under 3 minutes, get a current account interface, including a bank account number, low-cost international money transfers, and a Visa debit card. Clients can also make cash deposits and withdrawals, and store money in multiple currencies.

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