About Monese

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.

```xml <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. </problem> <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. </solution> <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 </features> <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. </target_audience> <revenue_model> Monese operates on a tiered subscription model, offering Simple (free), Classic, and Premium plans with varying fees and features, as well as fees for certain transactions like cash withdrawals and top-ups on the Simple plan. Additional revenue is generated through fees associated with the Credit Builder product. </revenue_model> ```

What does Monese do?

Where is Monese located?

Monese is based in London, United Kingdom.

When was Monese founded?

Monese was founded in 2015.

How much funding has Monese raised?

Monese has raised 35000000.

Location

London, United Kingdom

Founded

2015

Funding

35000000

Employees

170 employees

Major Investors

HSBC Ventures

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Monese

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Executive Summary

monese.com 30K+

Crunchbase

Founded 2015 – London, United Kingdom

Funding

Estimated Funding

$20M+

Major Investors

HSBC Ventures

Team (100+)

No team information available.

Company Description

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.

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

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.

Revenue Model

Monese operates on a tiered subscription model, offering Simple (free), Classic, and Premium plans with varying fees and features, as well as fees for certain transactions like cash withdrawals and top-ups on the Simple plan. Additional revenue is generated through fees associated with the Credit Builder product.