Monese is a leading financial technology company that plans on raising 100-million Euros in an agreement that would make them worth 1Bn Euros. Monese is an application that provides current and business accounts, which is available for 31 countries all over Europe.
What Will This Mean for The London-Based Fin-Tech Company?
Monese is known to help people who lack credibility in credit histories, and have an issue to gain access to traditional banks and other financial institutes. The Fin-tech firm stated that it was gaining customers on the daily rate of nine-thousand users per day, and they have a total of two million that are signed up with their application.
Monese is famous for raising funds, which was completed in September 2018. They managed to profit over 60Mn USD of funds from firms like: Kinnevik, International Airlines Group, and PayPal.
According to a report from the Financial Times, Monese is confident that they will be to raise one-hundred million Euros. Founder Norris Koppel states that, “it’s clear another round has to happen. What we are intending to do with our next raise is raise enough capital to take us all the way through to profitability”.
He also stated: “It took 42 months to get to 1m customers and only eight months to reach today’s milestone. We started Monese with one goal – to provide financial freedom anywhere and everywhere. We’re beginning to expand this and are seeing huge popularity in big global cities across Europe.”
According to the latest reports on their accounts in 2018, this Fin-tech company managed to make over 5.5Mn Euros with a pre-tax loss of 12.7Mn Euros.
What is Monese?
Monese is a banking service on smart-phones, which was established in 2015. It functions as a method to provide individuals in the UK and internationally the opportunity to practice modern finance by streamlining. The application allows users to access their funds while on the go, and they even permit users to create an account without having a UK address.
Since they offer many features in the mobility department, security can be a concern. With Monese, they are regulated by the Financial Conduct Authority (FCA). The license from the FCA allows them to handle in electronic money, even though it is not actually a bank. The funds of users are kept in segregated accounts, which cannot be accessed by Monese.
Monese is one-hundred percent mobile and it is available across 30 countries. If a user moves from one country to another can even access their live accounts, no matter where they are.