Monese

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Monese Ltd
Monese-logo.png
Founded2013; 6 years ago (2013)
HeadquartersLondon, United Kingdom
Area servedEuropean Economic Area
CEONorris Koppel
Key peopleNorris Koppel, Founder & CEO
IndustryFintech
ProductsBanking
Employees200 (2018)
Websitewww.monese.com

Monese is a UK company that offers current accounts and money transfer services as an alternative to traditional banks.

History[edit]

Monese was founded by Norris Koppel, an entrepreneur from Estonia. Koppel moved to the United Kingdom 17 years ago[when?] and had his application for a current account at a major high-street bank declined because he could not provide local proof of address and did not yet have credit history in the UK.[1] This experience led Koppel to vow that one day he would launch a banking service that did not exclude customers based on their residency or credit history.[2]

Monese launched its first product, an instant open mobile current account in the UK on 21 September 2015.[3]

Prior to the launch of its current account it was reported that over 56,000 customers pre-registered for service and joined a waiting list to be granted access.[4] Monese is able to provide banking services to resident and non-resident customers and has an account opening process that can be completed on a customer's smartphone in under three minutes.[5]

Monese initially provided all of its services free of charge, with the exception of international money transfer – but in 2016 it began charging a fixed fee of £4.95 per month for its current account product.[6] It has since launched an additional plan that does not incur a fixed monthly fee.

Mobile apps[edit]

To open and manage a Monese current account customers must install the company's mobile app on their Android or iOS smartphone. The Android app has been available since Monese's public launch on September 21, 2015[7] and the iOS app launched on 28 July 2016.[8]

References[edit]

  1. ^ "For Banking App Monese, Founded To Serve Migrants, Brexit Has Been Good For Business". Fast Company. 13 January 2017.
  2. ^ "Monese raises $1.8m for mobile banking service for immigrants". Finextra. 28 May 2015.
  3. ^ "Monese Launches In U.K. To Let Immigrants And Expats Get A Mobile Banking Account". Techcrunch. 21 September 2015.
  4. ^ "A banking app for migrants has 56,000 people on its waiting list". Business Insider. 16 October 2015.
  5. ^ "Check out the smart tech that lets you open a bank account with just a selfie and a passport pic". Business Insider. 16 November 2015.
  6. ^ "Here's the huge question facing fintech startups — can they make any money?". Business Insider. 6 June 2016.
  7. ^ "The mobile banking revolution is here as Monese arrives". The Memo. 21 September 2015.
  8. ^ "Monese, the UK banking app for immigrants and expats, finally lands on iOS". Techcrunch. 28 July 2016.