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Monese completes first big FinTech investment round of the year with $10m Series A

FinTech startup Monese, which aims to provide mobile banking for expats and migrant workers, has closed a $10m Series A in the first big investment round of 2017.

The London-based firm was backed in the round by Anthemis Exponential Ventures, STE capital and Korea Investment Partners, according to TechCrunch.

Following the eight-figure investment round, the startup will now look to roll-out more traditional banking services, including debit cards and credit offerings, as it takes another step closer to providing something akin to a fully formed current account.

It will also utilise its Series A to expand into European markets, adding to its UK service which launched back in September 2015.

Available on both Android and iOS, Monese’s app claims to offer users the ability to open a UK current account in just three minutes without the usual credit and residency checks usually placed upon account openings.

The startup, which has previously attracted investment from Smartcap and Seedcamp, provides expat and migrant workers with more affordable international money transfers and says that users have moved over £150m through its app since launch.