When our Founder & CEO Norris Koppel first moved to the UK, he faced a frustrating experience.
With no UK credit history or utility bills proving his address, he struggled to open a bank account. Without one, he found it nearly impossible to receive his salary or rent an apartment.
From his painful experience, he came up with the idea for Monese: a mobile money account that's inclusive, instant and on-demand.
Monese launched in September 2015 as the first mobile account in the UK.
Today, people from all over Europe can open an account in minutes, without any of the hidden fees and restrictions that legacy banks often impose.
Not only did we want to make opening and using an account as easy as ordering an Uber, we also wanted to ensure it was accessible to everyone and not just a select few with perfect credit scores and several month’s worth of utility bill documentation.
Fast forward to the present day and we have opened tens of thousands of mobile only, on-demand accounts for customers all over the UK and the wider EU, we’ve been officially named ‘Best Challenger-Bank' in Europe and have even been awarded €1.1 million by the European Commission for research and innovation!
We're also incredibly proud that the product we’ve created is improving the lives of so many customers that legacy banks fail to serve.
In September 2018, Monese secured $60 million in Series B Funding to support product development and international expansion. This funding round was led by Kinnevik, a global investor focused on digital businesses, with participation from PayPal, European investor Augmentum Fintech and International Airlines Group for its loyalty and data business Avios Group Ltd. Existing investors, including Investec’s INVC Fund, also participated.
With soon a million sign-ups, 75% of incoming funds being from salary payments, and a 9.2/10 TrustPilot score, Monese is one of the most popular and trusted banking services in the UK and Europe. Around 3,000 people sign up to Moneses daily and customers are moving over $3 billion each year through their Monese accounts.
Monese employs over 200 people across its offices in London, Tallinn, Lisbon and Berlin.