UK-based banking app developer Monese closed a $90m first tranche of its series C round yesterday, with the funding coming from financial services firm Investec.
The two have formed a strategic alliance that involves Investec’s global head of digital and technology Lyndon Subroyen joining Monese’s board. The deal took Monese’s overall funding to $162m, and Investec’s Private Company Fundraising unit will advise the company on a second close.
Founded in 2015, Monese has built an online banking portal which helps customers conduct financial transactions and manage savings without the need for a traditional bank account. It has some 2 million registered users across 31 countries.
Augmentum Fintech provided $3.2m for the company in mid-2019 which came in the wake of a $60m series B round led by Kinnevik the previous year that included payment technology provider PayPal, customer loyalty service Avios, Augmentum and Investec’s INVC Fund.
Anthemis Exponential Ventures, a joint venture for financial services firm MMI Holdings and venture capital fund Anthemis, is among Monese’s earlier backers, as are STE Capital, Korea Investment Partners, Smartcap, Seecamp and Shakil Khan.
