London based fintech start-up, Monese has announced that is has raised $1.8 million from Seedcamp, early Spotify investor Shakil Khan and a group of angel investors ahead of summer launch later this year. Monese, which is a digital banking service targeting immigrants that have trouble opening accounts at mainstream banks in the UK will offer instant account opening via a mobile app, a fully-featured current account interface, cheap global payments and a contactless debit card.
Founder Norris Koppel commented on his company by saying,
“We are determined to bridge that gap, as we consider access to modern banking facilities and a safe place to keep one’s money everyone’s basic right.”
While Monese will be initially limited to the UK market, the company does expect to expand internationally as it builds on this round of funding and future funding round. With European and international migration expected to grow in the years ahead, obtaining a bank account in a new market is going to become increasingly important.
Overview by Tristan Hugo-Webb, Associate Director, Global Payments Advisory Service at Mercator Advisory Group
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