Data Science Investment Counter —Funding raised by UK data science companies in 2018.
£ 5.640 Million

Fintech Startup Monese Secures £8 million in Series A Round

London-based startup Monese, an app that helps immigrants and expats open a bank account abroad, has raised over £8 million in a Series A round.

The fintech company’s backers included  Anthemis Exponential Ventures , STE capital, and Korea Investment Partners.Previous investors Smartcap and Seecamp also participated in the round. The round brings the total funding secured by the company to £12.8 million.

Launched in late 2015, Monese enables anybody to set up an account on its platform (available both for Android and iOS) in under three minutes. A Monese account allows users to make cash deposits and withdrawals, carry out low-cost international bank transfers, and use a Visa debit card— freeing people who have moved abroad from the hassles and the hurdles that make it hard to open an account with traditional banks.

The company does not takes commission on transactions, but it charges its customers a £4.95 monthly fee per account. So far the app has attracted about 40,000 users from 179 countries, who have collectively transferred £150 million since September 2015.

According to TechCrunch, the fresh round of funding will be invested into bringing the service to European markets other than the UK, and launching new banking functionalities.

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