Monese, a UK-based mobile banking service provider, has raised $60m in its Series B funding round.

The new funding round, which raises the company’s total financing to $76m, was led by global investor Kinnevik.

PayPal, Augmentum, International Airlines Group and its existing investor Investec’s INVC Fund also participated in the round.

Monese intends to use the fresh funds to support the growth of its mobile banking service and the development of new financial products.

Launched in 2015, Monese aims to make personal banking easier for all by catering to those who struggle to open a conventional bank account.

In a blog post, Monese said that currently it serves around 600,000 users and the number of new monthly customers has been tripling since the end of last year.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

It added that now the company aims to expand its horizon and strengthen its footprint in continental Europe, where it established its service in June 2017.

The company also intends to use the capital to open a new office in Lisbon, Portugal.

It is also planning to increase its employee strength by recruiting more people at its London and Tallinn offices. Currently, it employs 140 people.

Last month, Monese rolled out unlimited Premium plan for the heavy-duty customers.

The plan, designed for frequent travellers, provides an additional banking account and a card with unlimited ATM cash withdrawals and foreign currency exchange services at wholesale rate.