Monese

About

Monese is a prominent financial technology company that provides digital banking services as an alternative to traditional banks. Founded in 2015 by Estonian entrepreneur Norris Koppel, the company was born out of his personal experience of the difficulties in opening a UK bank account as a non-resident. This frustration led to the creation of a mobile-first banking service that allows users to open a current account quickly and easily, regardless of their residency status or credit history. The platform is designed to serve the needs of a globally mobile population, including expatriates, freelancers, and digital nomads, offering accounts in multiple currencies such as Pounds sterling, Euros, and Romanian leu. Monese's services are accessible across 31 countries within the European Economic Area, and it has attracted over two million customers since its inception. The company's core offering is a mobile money account that can be opened in minutes through its app, requiring only a photo ID and a short video selfie for verification. This streamlined process eliminates many of the barriers imposed by conventional banks. Beyond basic account services, Monese provides features such as international money transfers, direct debits, and budgeting tools. Customers can also link their Monese accounts with other financial services like PayPal and Avios. In a significant development in late 2024, Monese was acquired by Pockit, a UK-based fintech company with a similar mission of promoting financial inclusion. This acquisition created a combined entity serving approximately three million customers. Following the acquisition, Pockit's founder and CEO, Virraj Jatania, became the CEO of the enlarged business, with Norris Koppel remaining involved to facilitate the transition. The merger aims to leverage the strengths of both companies to offer an expanded range of products and services to the financially underserved across the UK and Europe.