Moneco is a financial application that enables users to open euro accounts, obtain international VISA cards, and conduct instant transfers across Europe and to 11 African countries through mobile money or bank accounts. It addresses the need for efficient cross-border money transfers and financial services for individuals relocating to France from Africa.
Funding
$3.3M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
SVFounders
Product
Problem
Individuals relocating to France from Africa face challenges in accessing efficient cross-border money transfers and basic financial services, such as opening euro accounts and obtaining international VISA cards. Traditional methods often involve high fees, slow processing times, and limited accessibility.
Solution
Moneco provides a mobile financial application designed to streamline financial services for individuals, particularly those of African descent, relocating to France. The app enables users to open euro accounts directly from their smartphones, obtain international VISA cards for both online and in-person transactions, and conduct instant money transfers across Europe. Moneco also facilitates remittances to 11 African countries via mobile money, bank accounts, or cash pickup. By offering a user-friendly platform with transparent pricing and robust security measures, Moneco simplifies financial management and cross-border transactions for its target demographic. The platform partners with established financial institutions to ensure regulatory compliance and the security of user funds, leveraging technologies like biometric identity verification and end-to-end encryption to mitigate fraud risks.
Target Audience
Moneco primarily targets individuals of Moroccan, Senegalese, Algerian, Ivorian, Malagasy, Tunisian, Cameroonian, Congolese, Malian, Togolese, Beninese, and Burkinabe descent who are relocating to or residing in France and require efficient cross-border money transfer and financial services.
Features
- Euro account opening directly from a smartphone with passport verification
- Instant-debit VISA card for international online and in-person payments
- Instant and standard euro transfers within Europe
- Remittance services to 11 African countries via mobile money, bank transfer, or cash pickup
- Integration with Xpollens, a Natixis subsidiary, ensuring regulatory compliance as a payment service provider agent registered with the ACPR
- Biometric identity verification and end-to-end encryption for fraud prevention
- Multi-factor authentication and 3DS Secure for account and card protection
- Fund safeguarding up to €100,000 through a fund segregation mechanism