Monese, a UK mobile banking service where people do not need a UK address, has raised $10m (£8m) in a Series A funding round in its bid to expand into mainland Europe.
The round included investment from Anthemis Exponential Ventures, Korea Investment Partners and STE Capital. Monese hopes to launch Euro current accounts and become the service of choice for expats, migrants and those seeking an alternative to traditional banks.
“We are incredibly excited to close a heavily oversubscribed funding round with a suite of top investors at our side,” said Norris Koppel, CEO at Monese. “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.”
Since its launch in September 2015, Monese says it has signed up over 40,000 customers from over 179 countries – who have collectively moved £150m in over 1.8m transactions.