Monese
Description
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.
Overview
| Type: | Private |
| Funding Status: | Ventures Round |
| Foundation year: | 2013 |
| Location: | London, United Kingdom |
| Number of employees: | 251-500 |
| Founders: | Norris Koppel |
| Website: | https://monese.com/ |
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)
Awards:
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 customers | Personal accounts (Simple,Classic, Premium); Business accounts |
| Differentiating features of product | This 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 customers | Transfer 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/Compliance | Monese 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 Supported | EUR, GBP, RON |
| Product cost | Monthly 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/payments | Card 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 withdrawals | Simple: £200 FREE / Classic: £900 FREE / Premium: FREE |
| (a) a personal account | Yes |
| (b) a business account | Yes |
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 |
Financials
| Customer/Products segments | Business Accounts, Business Lending, Consumer Lending, Credit Card: Mastercard, Individual/Retail Accounts, Overdrafts, Remittance/International Transfers, Multi-Currency Accounts |
|---|---|
| Key product offering | Personal accounts (Simple,Classic, Premium); Business accounts |
| Major shareholders | Augmentum (London), Avios, Hangar 51, International Airlines Group, Kinnevik |
| Banking license | No |
| Type of customers | Retail customers (residents and non-residents), SMEs |
| Number of customers | 2M+ accounts total |
| Estimated revenue | $1M to $10M |
| Number of investors | 20 |
| Number of lead investors | 5 |
| Names of lead investors | Spring Capital, YYX Capital, Augmentum Fintech, Tera Ventures, Kinnevik AB |
| M&A | N/A |
Tech stack
Competitors
| Founding Date | Type | Tags | |
x Jumio Jumio helps organizations meet regulatory... | 2010 | Private | |
x Dozens dozens is a trading name of Project Imagine Ltd,... | 2018 | Private | Challenger banks, fintech |
x first direct first direct is a leading UK bank providing... | 1989 | Private | Challenger banks, fintech |
x Cogni Cogni is the people-driven digital banking app... | 2018 | Private | Challenger banks, fintech |
x Doconomy Doconomy is a new company that aims to find... | 2018 | Challenger banks, fintech |
Reviews
4.6 out of 5
| Number of uploads: | 2 890 504 |
| Number of reviews: | 51 747 |
| Updated: | November 25, 2020 |
| Last Version: | 6.34.0.21403 |
4.8 out of 5
| Number of uploads: | N/A |
| Number of reviews: | 31.6K |
| Updated: | |
| Last Version: |
4.1 out of 5
| Number of uploads: | N/A |
| Number of reviews: | 16,429 |
| Updated: | |
| Last Version: |
3.1 out of 5
| Number of uploads: | |
| Number of reviews: | 52 |
| Updated: | |
| Last Version: |
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