Augmentum Fintech PLC has announced an investment of £5.3m in current account provider Monese.
The investment from the fintech venture capital investor comes as part of Monese’s £46m Series B fundraising round, which also includes Kinnevik, PayPal and Avios, all of whom are investing in the mobile-only current account provider for the first time.
Monese will use the investment for product development and to support its international expansion, which includes building-out both its London and Tallinn offices, as well as opening a new office in Portugal as its base for development across southern Europe.
The bank – which launched in September 2015 – has nearly 600,000 customers, most of whom use Monese as their primary bank account, with 75% of all incoming funds being regular salary payments.
“We look for firms that can disrupt and take market share, and not only is Monese able to do that, it is also able to move fast,” said Tim Levene, CEO at Augmentum Fintech.
“Launched only [three] years ago, it is already active in 20 countries, which demonstrates the demand for its product from the increasingly mobile European workforce.
“We believe that this is a market which will continue to grow.”
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