London based online banking platform Monese has raised $10m in Series A funding with participation from Anthemis Exponential Ventures, Korea Investment Partners and STE Capital, among others — as well as from previous investors Smartcap and Seecamp. The new funding brings Monese's total funding to $15.8m.
“Monese’s underlying technology enables the company to provide customers with a U.K. current account regardless of their citizenship. This will revolutionize banking for immigrants and expats as ‘residency restrictions’ imposed by traditional high street banks are one of the single greatest barriers to accessing the banking system when they arrive in a new country,” Monese founder Norris Koppel previously said. The mobile banking service specifically caters to immigrant and expatriate customers who may need to send money to or receive money from back home. Monese plans to use the $10 million to launch services for customers in European markets and to introduce increased functionality such as direct debit and credit payment card services. Monese’s banking app is available on Android and iOS. The digital banking startup claims new users are able to open a new account in under three minutes.