London-based challenger bank and fintech firm Monese has raised $60 million in a Series B funding round led by global digital investment firm Kinnevik.
Other investors in the round include PayPal, London-based VC Augmentum Fintech and International Airlines Group on behalf of loyalty and data business Avios Group. Monese's existing investors, including Investec's INVC Fund, also participated.
Monese has now raised more than $77 million, according to Crunchbase.
The company says it will use the funding to expand its teams in London and Tallinn, Estonia. It also plans to open a new office in Lisbon, Portugal, as it gradually widens its operations internationally after a successful launch across Europe during the past 12 months: "Europe is embracing the Monese product even faster than the UK market," notes the company.
Monese's contactless debit card can be used wherever the Mastercard logo is present. (Image: Monese)
Monese currently has 600,000 users, who between them move $2.5 billion a year. Monese enables customers to open a UK current account without a UK address, and also offers them Monese contactless debit card through its partner, global payment services company Mastercard. The bank is entirely mobile, similar to other UK challenger banks including Monzo and Starling, and shows recent transactions, direct debits, and other payments directly in the app's feed, helping customers understand their money. (See Monzo Steamrollers On With 'Big List' of Features, Uncovering Fraud Attacks.)