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.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Industry reacts to Conservatives winning majority
The Conservatives have successfully won a majority in the 2019 general election, taking 364 seats (with one constituency left to declare) and 43.6% of the vote...
Shawbrook appoints Deepak Parekh as senior director of Midlands regional business team
Shawbrook has recruited Deepak Parekh as senior director of its Midlands regional business centre team...
Metro Bank launches receipt management app beta trial with Sensibill
Metro Bank is collaborating with Canadian technology firm Sensibill on the beta launch of its app-based receipt management technology...
Wyelands Bank appoints board and executive team members
Wyelands Bank has appointed Stephen Rose (pictured above, left), as deputy chief executive officer, and Rachelle Frewer (right), as chief financial officer...
Koto set to launch in January with aim to replicate monobank success
Koto is set to launch in the UK in January next year offering fixed-fee lending via an app...
What does responsible lending look like?
Lending responsibly is about much more than a bank managing the risk to itself...
Starling Bank adds Sparqa Legal as first legal service partner
Starling Bank has added Sparqa Legal as its first legal service partner...
OakNorth Bank completes £750,000 deal with Bright Minds Daycare
OakNorth Bank has completed a £750,000 debt finance deal for independent Birmingham-based nursery group Bright Minds Daycare...
OakNorth Bank makes several senior hires and opens new Birmingham office
OakNorth Bank has opened an office in Birmingham to support businesses in the Midlands and recruited four new senior hires...
The identity challenge: how can banks know who’s who?
Technology has transformed the world of banking, bringing all manner of new services to the table and revolutionising the way that customers manage their finances...
Metro Bank reduces BTL fixed rates
Metro Bank has announced it is cutting its fixed buy-to-let (BTL) interest rates by 0.2% for borrowers up to 70% LTV...