06 Sep 2018
INVC portfolio Company Monese secures $60m Series B Round
INVC Fund has today announced that it has continued to support portfolio company Monese in their new $60m Series B funding round led by Kinnevik with participation from PayPal, International Airlines Group and Augmentum Fintech.
INVC is a venture fund backed by Investec, investing in Fintech and Enterprise tech companies. It is also open to third party investors. INVC first backed Monese at late seed stage in 2015 and has followed on in further funding rounds since, including the $10m Series A round in December 2016. Other investments held by the fund include Bud and Curve.
The investment brings Monese’s total funding since launch to $76 million. The new funding will be used for further investment in the product and international expansion, allowing Monese to make the new generation of mobile banking services accessible for many more customers around the world.
Norris Koppel, Founder and CEO of Monese, commented:
“We are excited about this significant investment from world-class investors, which will enable many more people around the world to access the latest generation of mobile banking services.”
Devin Kohli, co-head of INVC, commented:
“We first backed Monese at late seed, and since then the platform has continued to deliver. What differentiates it from its peers is focus on sustainable growth: rather than burning through cash and thinking about revenue as a secondary concern, Monese has built a platform so compelling that it is used by its customers as a primary salary account, with 75% of incoming funds as salaries.”
Launched in 2015 as the first mobile-only current account provider in the UK, Monese now allows eligible customers to open UK current accounts and European IBAN accounts in 20 countries. Its ground-breaking product enables customers to open an account in as little as 120 seconds wherever they are regardless of citizenship, proof of address or credit history, and has expanded to offer an innovative combination of banking services across Europe. Monese currently has 600,000 users moving over $2.5 billion per annum through their Monese accounts.
This new funding round is led by Kinnevik, a global investor focused on digital businesses, with participation from PayPal, European investor Augmentum Fintech and International Airlines Group’s loyalty and data business Avios Group Ltd. Existing investors including Investec’s INVC Fund also participated.