What Monese does

Monese is a London-based mobile-only, multi-currency Electronic Money Institution that provides digital banking accounts to underbanked adults, expats, travelers, and small businesses across 31 European Economic Area countries. The core product is an app-based current account supporting GBP, EUR, and Romanian lei, with onboarding in minutes via video selfie identity verification and no credit check or proof of address required. The product portfolio spans Instant Accounts, Joint Accounts, and Business Accounts (£9.95/month), complemented by Cash Advance (short-term credit up to £50), Credit Builder, savings Pots, a Travel Money Card, budgeting tools, Open Banking aggregation, and a 0.5% Cashback reward on subscribed card spend. Distribution is fully self-serve through iOS, Android, and Huawei app stores plus a web signup, with physical cash-in capability via 84,000+ Post Office, PayPoint, and Paysafecash locations across the UK and Europe. Underlying infrastructure relies on FCA-authorized e-money issuance through PrePay Technologies Limited in the UK, PPS EU SA in the EEA, and Mastercard as the card network, with payments delivered through UK Faster Payments, BACS, CHAPS, and Apple Pay/Google Pay tokenization.

The business model is a hybrid of subscription recurring revenue (Starter free, Plus £4.95, Premium £14.95 per month) and transaction/exchange take-rate (Mastercard wholesale rate + 0.5% FX markup, ATM withdrawal fees beyond allowance, £1 Post Office cash deposits, 2.50% PayPoint cash loads). Monese serves a horizontal segmentation of consumer personas (underbanked adults, travelers/expats) and SMBs, with no enterprise-anchor customers identified. Customer acquisition is product-led growth via mobile app stores and an Invite & Earn referral program paying up to £150. The company has cumulatively raised over $200M from investors including Kinnevik, Augmentum Fintech, PayPal Ventures, International Airlines Group, Seedcamp, and a US$35M strategic round from HSBC Ventures in September 2022, alongside a Series C second close advised by Investec in September 2021. In December 2021, Monese acquired income-smoothing platform Trezeo to extend its credit and financial wellness offering.

Following £30.5M reported losses in 2022, Monese was acquired by UK underbanked-focused fintech Pockit in 2024, and in May 2024 the company split into two standalone entities: the consumer retail bank (Monese) and the B2B banking-as-a-service platform (XYB), each with pending CEO appointments. Operationally, Monese currently serves 2 million+ customers through its London headquarters, Belgian EU entity (Monese EU SA), and Irish credit entity (Monese Credit Limited, FRN 787052).

Name

Monese

Legal name

Monese Ltd

Website

https://monese.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

101–250 employees

Short description

Monese is a London-based mobile-only, multi-currency Electronic Money Institution offering app-based banking accounts to underbanked adults, expats, travelers, and SMBs across 31 EEA countries, monetized via tiered subscriptions and transaction/FX fees.

Ownership category

akta.pro rank

Product category

Digital Banking

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

SIC

Personal Credit Institutions (6141)

akta.pro primary industry

Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG)

akta.pro secondary industries

International / Multi-Currency Wallets (FSAMAEAL), Travel Money Cards & Multi-Currency Prepaid (FSAMANAI), Cross-Border Card-Based Transfers & Multi-Currency Cards (FSAGAKAE)

Keywords

• Digital banking
• Mobile banking
• Multi-currency accounts
• Electronic money institution
• Banking-as-a-service

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Subscription fees: Monthly subscription fees from personal accounts (Starter free, Plus £4.95, Premium £14.95) and business accounts (£9.95). Core revenue driver for recurring income.
2. Transaction and exchange fees: Currency exchange markups on international transfers and foreign currency card purchases (Mastercard wholesale rate plus 0.5%). ATM withdrawal fees after free allowance.
3. Cash deposit fees: Fees on cash deposits via Post Office (£1 per transaction) and PayPoint (2.50%, minimum £1).
4. Cashback program: 0.5% cashback on card purchases up to £500/€500/2500 Lei per monthly billing cycle, incentivizing card usage.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Monese provides mobile-only, multi-currency electronic money accounts (personal instant accounts, joint accounts, and business accounts) accessible via iOS, Android, and Huawei apps. It offers a contactless Mastercard debit card, UK Faster Payments integration, international transfers to 30+ countries, savings pots, budgeting tools, and credit products (Cash Advance, Credit Builder), serving consumers excluded from traditional banking and expats/travelers across 31 EEA countries.

Product overview

Monese is a digital financial services provider offering a mobile-based alternative to traditional banking. The core offering consists of electronic money accounts (Instant Accounts, Business Accounts, and Joint Accounts) accessible via mobile app. These are complemented by credit products (Cash Advance, Credit Builder), savings tools (Pots), and travel features (Travel Money Card). The product portfolio also includes reward programs (Invite & Earn referral, Cashback) and utility features for payments, transfers, and budgeting. Monese operates as an Electronic Money Institution regulated by the FCA in the UK and National Bank of Belgium in the EEA, providing accounts in pounds sterling, euros, and Romanian lei across 31 European countries.

Differentiator

Problem solved

Functional benefit

Brands

• XYB: B2B banking tech platform that was spun out from Monese as part of the company's strategic split in 2024

Products and services

• Instant Account Mobile-only personal current account in GBP, EUR, or Romanian lei, opened in minutes via app with ID and selfie verification (no credit check or proof of address required). Includes contactless Mastercard, real-time UK Faster Payments, international transfers, Apple Pay/Google Pay, and access to 84,000+ cash deposit points.
• Joint Account

Quantifiable outcome

• Account opening in minutes with just ID and selfie verification, no credit check required
• +1 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration16 records

Feature3 records

Partnerships

Seven partnerships are on record, tiered core, major and minor.

• InvesteccoreStrategic or Co-development Partner · 20 September 2021Investec's Private Company Fundraising team advised Monese on its Series C funding round second close. Investec also adopted Monese's new Banking-as-a-Service platform as part of their strategic partnership, integrating Monese's BaaS infrastructure.
• PrePay Technologies Limited (PPT)coreTechnology or IntegrationFor UK customers, Monese Ltd is a registered agent of PrePay Technologies Limited, an FCA-authorized electronic money institution (FRN 900010) that issues electronic money and payment instruments. PPT provides the regulatory infrastructure for Monese's UK operations.
• PPS EU SAcoreTechnology or IntegrationFor EEA customers, Monese EU SA operates as registered agent of PPS EU SA, authorized by National Bank of Belgium (firm reference 0712.775.202) for issuing electronic money and payment services. Provides regulatory infrastructure for Monese's EU operations.
• MastercardcoreTechnology or IntegrationMastercard provides the payment network and card brand license for Monese's contactless debit cards (Mastercard and circles design are registered trademarks of Mastercard International Incorporated). Cards issued pursuant to Mastercard license.
• Post OfficemajorChannel Partner/ Reseller/ DistributorCash deposit partner allowing Monese customers to add cash to their accounts at over 84,000 Post Office locations across UK and Europe. Enables physical cash to digital money conversion.
• PayPointmajorChannel Partner/ Reseller/ DistributorCash deposit partner for adding cash to Monese accounts at PayPoint retail locations across UK. Part of 84,000+ payment point network for cash loading.
• PaysafecashminorChannel Partner/ Reseller/ DistributorPartner for Paysafecash feature allowing cash deposits to Monese accounts at participating locations across Europe.

Scale indicators5 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Revolut: Revolut is the most directly comparable peer—a mobile-first multi-currency account provider serving consumers and businesses across Europe with subscription tiers, FX, and international transfers. Both target expats, travelers, and underbanked segments with app-based onboarding.
• Wise: Wise (formerly TransferWise) offers multi-currency accounts and low-cost international transfers with a Mastercard debit card. Directly comparable to Monese on multi-currency accounts, FX margins, and expat/traveler customer base.
• N26: N26 is a mobile-first European bank operating across the EEA with multi-currency accounts, free transfers, and Mastercard cards. Comparable to Monese on mobile-only model, EEA geographic focus, and subscription pricing tiers.
• Monzo: Monzo is a UK mobile-first challenger bank with subscription tiers, real-time notifications, and international transfer features. Comparable to Monese on UK mobile banking positioning, though Monzo is broader-market versus Monese's underbanked focus.
• Starling Bank: Starling Bank is a UK digital bank offering personal, business, and joint accounts with multi-currency support and mobile onboarding. Comparable to Monese on UK challenger bank positioning, mobile-first model, and business account offering.
• Bunq: Bunq is a European mobile bank with multi-currency accounts, subscription tiers, and travel-friendly card features. Comparable to Monese on EU mobile-only model, multi-currency support, and expat-friendly positioning.
• Curve: Curve consolidates multiple payment cards into a single smart card with multi-currency spending and FX features. Comparable to Monese on multi-currency card positioning and consumer-focused international spending use cases.
• Pockit: Pockit is a UK fintech serving underbanked adults without credit scores, and is now Monese's parent company following 2024 acquisition. Closest comparable on customer segment (underbanked UK adults) and product positioning.
• Zempler Bank (formerly Cashplus): Zempler Bank is a UK digital bank focused on underbanked consumers and small businesses with accounts and credit products. Comparable to Monese on UK underbanked focus, prepaid-style banking offerings, and small business banking.

Broad incumbents

• Atom Bank: Atom Bank is a UK digital challenger bank offering savings, mortgages, and business banking via mobile app. Comparable as a UK mobile-first incumbent in the broader challenger bank category where Monese competes.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/Monese
• Facebookfacebook.com/MyMonese
• LinkedInlinkedin.com/company/monese

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds11 records

Investors25 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Monese