Home Neo banks Monese moves closer to full-service banking

Monese moves closer to full-service banking

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The transformation of mobile account provider Monese into a full-service bank has moved a step closer with the introduction of direct debits and Faster Payments.

Monese, which is aimed at expats and immigrants who typically struggle to get a traditional bank account, currently has over 65,000 customers and closed its Series A funding round in January 2017, taking total amount raised to $15.8 million.

With 75% of all customers choosing Monese as their salary receiving account, the introduction of direct debits has come in response to direct demand from users.

Alongside this, Monese has also gained access to Faster Payments providingg near-instantaneous transfers to its customer base, who collectively move over half a billion pounds annually from within the app.

In addition, Monese is also making its debut on the high street, providing cash deposits at 11,500 Post Office branches across the UK, and 29,000 PayPoint locations.

Norris Koppel, CEO and founder of Monese says: “This upgrade is evidence of how we are able to combine technology and creative thinking to respond to the needs of a mobile user group in an on-demand economy. We believe that people should be able to live, travel, and work freely, without the administrative burdens and restraints of legacy financial systems.”