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.
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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.
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By GlobalDataIt 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.
