Founder/CEO: Norris Koppel
Total Funding: $80.4M
Latest Funding: $2.5M, Venture round, June 2019 - Augmentum
Keywords: Digital Banking,
Who is it for: Consumers, Migrants, Refugees in the UK
Trustpilot Score: 80% Excellent fro 11,800 reviews
HQ: UK, London
“Offering free premium accounts for refugees in the UK.”
Monese began by helping migrant workers who needed a bank account to make ends meet, and this has given it a hugely loyal customer base. Launched in 2015, Monese lets anyone open a UK bank account in a matter of moments without needing a UK address - something no major high street bank would do at the time.
By April 2018, Monese has expanded to 20 countries and translated the app into eight different languages, and has nearly 400,000 account holders. Significantly, 70% of Monese accounts are full-time primary bank accounts, where people are having their salary paid in each month.
In August 2018, Monese announced that it would offer free banking to all students across Europe and the UK who are starting new University places in September. The Student Account offers free access to all the features of a Monese Plus Plan for 1 year, which would usually cost £4.95 per month, meaning all students will make substantial savings on transfer fees and banking charges.