We’re thrilled to announce that we’ve secured $60 million in capital, which will allow us to continue to develop the next generation of our mobile banking service and make it accessible to many more people around the world.
This backing comes from some world-class investors, who share our belief that banking services are changing. The Series B round is 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.
This month we’re celebrating Monese’s third year in the marketplace. Back in 2015 we released a basic, bootstrapped Monese product in the UK with the ambition to solve a key problem: how to make personal banking easily accessible to all.
A handful of software engineers and early-employee believers joined us on this intrepid journey. Soon after we launched the first mobile current account in the UK market.
As demand for our product increased over time, so did our ambition. We answered calls from our existing customers to establish our service in continental Europe which we fulfilled in June 2017.
As in the UK, adoption rate has exceeded our expectations. Now, Europe is embracing the Monese product even faster than the UK market. We see this as a vindication of our original mission statement - and a validation of our approach in addressing the inefficiencies and limitations inherent to the current banking system.
Monese today services nearly 600,000 users who are moving over $2.5bn a year. The number of new monthly customers has been tripling since the end of 2017 and, with strong growth still coming from many of our markets, we’re now well-positioned to sail ever onward towards new horizons.
It means we’re increasing the size of our operation and accelerating our international expansion.
We’ll be able to recruit more all-star talent in our London and Tallinn offices, augmenting existing teams but also opening up new roles all across the business. We’re also going to be opening a new office in Lisbon, Portugal!
And we’re going to need it. At the beginning of 2017 we were a team of 36. Since then, that team has quadrupled to a company that’s now more than 140 people strong. Additional funding means we’ll be able to continue hiring the brightest and best - and expand our mission to make global banking accessible to everyone.
At this point we’d like to extend a huge thank you to all of our customers - without whom none of this would have been possible. We’ve achieved something remarkable – offering a mobile-only platform with a stellar Trustpilot rating, that the majority of our customers use as their primary salary account. We’re both proud and humbled by this recognition.
We’re now intent on paying this new round of investment forward, and towards the continued development of a financial service that’s modern, smart and accessible everywhere in the world, to anybody who chooses to live their life across more than one country, and is underserved by the traditional financial institutions.
We hope you’ll stick along for the ride!
With less than two months to go to the key Brexit date of 29 March, we want to update you on our preparations.
Here are some of the ways we’ve made Monese bigger and better in 2018, plus a sneak peak at what’s coming up in 2019!
We’re joining the 4,700 companies across the UK who believe a hard day’s work deserves a fair day’s pay.