Monese offers a mobile-only, multi-currency banking platform that enables users to manage their finances through instant transfers, budgeting tools, and integrated payment options. It addresses the need for accessible banking services by providing a secure electronic money account that allows users to send and receive funds internationally without hidden fees.
Funding
$35M 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.
HVFounders
Product
Problem
Traditional banking services often exclude individuals with limited credit history or those new to a country, making it difficult to access essential financial tools. Furthermore, managing finances across multiple currencies can be complex and costly with conventional banks.
Solution
Monese provides a mobile-only, multi-currency banking platform designed for individuals and businesses seeking accessible and efficient financial management. By offering a secure electronic money account, Monese enables users to send and receive funds internationally, manage budgets, and make payments without hidden fees. Users can open an account quickly, even without a traditional credit history, and manage their finances on the go through the Monese app. The platform supports multiple currencies, facilitating international transactions and spending abroad like a local.
Target Audience
Monese primarily targets individuals with limited access to traditional banking services, such as expats, international students, freelancers, and those with thin credit files, as well as businesses needing multi-currency payment solutions.
Features
- Multi-currency accounts in GBP, EUR, and RON
- Instant transfers to other Monese accounts
- International money transfers to over 30 countries
- Contactless debit card for online and in-store purchases
- Virtual debit cards for secure online transactions
- Integration with PayPal and Avios accounts
- Money Pots for savings with round-up feature
- Budgeting tools to track spending and categorize transactions
- Credit Builder feature to improve credit score (available for a monthly fee)
- Support for Google Pay and Apple Pay