Monese

Monese Ltd
Founded 2013 (2013)
Headquarters London, United Kingdom
Area served European Economic Area
CEO Norris Koppel
Key people Norris Koppel, Founder & CEO
Industry Fintech
Products Banking
Employees 140 (2018)
Website www.monese.com

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

History

Monese was founded by Norris Koppel, an entrepreneur from Estonia. Koppel moved to the United Kingdom 17 years ago 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

To open and manage a Monese current account customer's 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

  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.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.