We’re reimagining the way banking works. We make it easy to manage your money – wherever you are in the world. We create financial freedom for all of us that live, work, travel, study or send money abroad. We’re the mobile app alternative to the banks, offering accounts you can open instantly, so that you don’t lose access to the money you need every time you cross a border on a map. We’re here for everyone, not just for those with perfect credit scores or the right set of utility bills. With over 2 million sign-ups across 31 countries, we push the boundaries every day.

Type: Private
Funding Status: Ventures Round
Foundation year: 2013
Location: London, United Kingdom
Number of employees: 251-500
Founders: Norris Koppel
Target geographic market:

Europe (in 20 countries – Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, Spain and the UK)


2016 European Fintech Awards: Winners of 'Best Challenger Bank'

About Product/Service
Products Virtual Euro IBAN accounts, virtual UK accounts, prepaid debit cards, travel money cards, corporate cards
Core product offerings for individual/retail customersPersonal accounts (Simple,Classic, Premium); Business accounts
Differentiating features of productThis feature is what makes Monese unique: the ability for anyone to open an account anywhere in the UK or continental Europe. Whether or not you have a UK address, a credit history or fixed income, you can access Monese and open an account today. The app is currently available to anyone in the European Economic Area. Monese is completely portable across 20 countries across Europe and, if you move to another country, your Monese account comes with you. Add a Eurozone account at the click of a button. You can switch between your UK and European accounts at any time on the home page. Invite a friend and you will earn £15 once they deposit money into their account. They also get £15.
Core product for bussiness customersTransfer money abroad into eight different currencies. Monese uses the “interbank rate”, much like Revolut. The delivery time for your money depends on the processing times of the receiving bank. Depending on the currency you’re sending and the time (try send before 4pm), your transfer should take between 2-4 business days.If you’re transferring money to someone with a Euro account through a SEPA payment, then it should reach them by the next working day – or the day after that. Set up a standing order (or ‘Recurring Payment’) to make routine payments for a specified amount, payee and date – all managed in-app. Make payments to friends and family – straight from your phone’s contact list. See who’s already a Monese user, and to whom you’ll be able to make an instant payment.
Regulators/ComplianceMonese Ltd is a registered agent of PrePay Technologies Limited which is an electronic money institution authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (900010) for the issuing of electronic money and payment instruments.
The Base Currency£ (GBP)
Number of Currencies SupportedEUR, GBP, RON
Product costMonthly fees: Classic - £4.95, Premium - £14.95
Issuing physical card and delivery£4.95 for delivery (Simple plan) / Classic and Premium plans: FREE
Money transfers/paymentsCard payments abroad as per plan: Simple Free up - to £2,000 a month (2% fee after), Classic Free - up to £8,000 a month (2% fee after), £200 FREE monthly 2% fee after money transfers from 0.5% up
ATM withdrawalsSimple: £200 FREE / Classic: £900 FREE / Premium: FREE
(a) a personal accountYes
(b) a business accountYes

Key people

Funding rounds

Last Funding Date Jun 13, 2019
Last Funding Amount £2.5M
Last Funding Type Venture Round
Total Funding Amount $80.4M
Number of Funding Rounds 8


Customer/Products segments Business Accounts, Business Lending, Consumer Lending, Credit Card: Mastercard, Individual/Retail Accounts, Overdrafts, Remittance/International Transfers, Multi-Currency Accounts
Key product offeringPersonal accounts (Simple,Classic, Premium); Business accounts
Major shareholdersAugmentum (London), Avios, Hangar 51, International Airlines Group, Kinnevik
Banking licenseNo
Type of customersRetail customers (residents and non-residents), SMEs
Number of customers2M+ accounts total
Estimated revenue$1M to $10M
Number of investors 20
Number of lead investors5
Names of lead investorsSpring Capital, YYX Capital, Augmentum Fintech, Tera Ventures, Kinnevik AB

Tech stack


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