Monese is the first mobile-only current account in the UK and serves the increasingly mobile European labour market. With just a passport and mobile number an account can be opened all within three minutes, and free of charge. Typically, lengthy credit-checks mean it can take weeks for foreign nationals to open a bank account. Monese removes all the unnecessary friction.
Augmentum invested a £2.5m CLN in Monese in June 2019. This investment follows Augmentum’s investment of £5.3m in September 2018, in their £46 million Series B fundraising round, alongside Kinnevik, PayPal and Avios.