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Monese closes $60m Series B to grow internationally

FinTech scaleup Monese has raised a $60m Series B to expand internationally.

The company’s round was led by Kinnevik with participation from PayPal, International Airlines Group, Augmentum and existing investors including Investec’s INVC Fund.

The London-based firm, which launched in 2015, has raised $76m to date and claims to have almost 600,000 users signed up to its app across the UK and Europe.

“We are excited about this significant investment from world-class investors, which will enable us to continue on our path to becoming a global financial platform to all, offering more people access to the latest generation of mobile banking services,” said Norris Koppel, founder and CEO of Monese.

“We are delighted to have such distinguished investors who share our belief that technology can be used to provide access to modern, convenient and affordable financial services to people who have been underserved by traditional financial institutions. To have investors who are leaders in their fields allows us to bring tremendous operational experience and growth potential for the services we offer today and have planned for the future. With a further series of product innovations to be announced in the very near future, this is an exciting time for Monese.”

Monese is looking to launch a range of new features and offers over the coming months.

Additionally, the company is planning to hire an additional 100 employees across its existing UK and Estonian offices.

Monese is also looking to open a third new office in Portugal by the end of the year.