Monese, a leading challenger bank, recently raised $60m in a Series B round in which Augmentum Fintech invested £5.3 million. Other investors included Kinnevik, Paypal and Avios Group Ltd.
The European banking app launched in 2015 and claiming nearly 600,000 sign ups in the U.K. and elsewhere in Europe, Monese consists of a mobile-based current account and accompanying debit card. It offers most of the things you’d expect of a current account, such as account number and cash deposits and withdrawals. In addition, international money transfer and direct debits are supported. Founder Norris Koppel says that this new round of funding is targeting scale. He says the bigger vision is to have Monese the first banking option in any country a new or existing Monese customer lands in, with local account numbers instantly available.