Monese, a UK-based fintech that offers current accounts to people who are underserved by mainstream banks, is in talks to raise £100m from investors in a deal that is expected to make it the latest British technology “unicorn”.
It is aiming to close a deal with new and existing investors in the first half of this year, according to three people close to the company.
Norris Koppel, Monese chief executive, declined to comment directly on the bank’s negotiations, but acknowledged “it’s clear another [investment] round has to happen. What we are intending to do with our next raise is raise enough capital to take us all the way through to profitability.
Monese said customer growth tripled last year with more than 9,000 people joining Monese every day.
The bank said this meant it was on track for more than 5m sign-ups in 2020 at its current growth rate.
Monese offers a similar service to rivals such as Starling, Monzo and N26, but specialisies in catering to people who may get turned down by traditional banks.
Source: https://www.ft.com/content/273f655c-3c73-11ea-a01a-bae547046735
Source: https://www.cityam.com/uk-fintech-monese-nears-unicorn-status/
Posted by Peter Oakes (www.peteroakes.com)
#FintechUK #UKFintech
See also www.UKFintech.com www.FintechIreland.com
It is aiming to close a deal with new and existing investors in the first half of this year, according to three people close to the company.
Norris Koppel, Monese chief executive, declined to comment directly on the bank’s negotiations, but acknowledged “it’s clear another [investment] round has to happen. What we are intending to do with our next raise is raise enough capital to take us all the way through to profitability.
Monese said customer growth tripled last year with more than 9,000 people joining Monese every day.
The bank said this meant it was on track for more than 5m sign-ups in 2020 at its current growth rate.
Monese offers a similar service to rivals such as Starling, Monzo and N26, but specialisies in catering to people who may get turned down by traditional banks.
Source: https://www.ft.com/content/273f655c-3c73-11ea-a01a-bae547046735
Source: https://www.cityam.com/uk-fintech-monese-nears-unicorn-status/
Posted by Peter Oakes (www.peteroakes.com)
#FintechUK #UKFintech
See also www.UKFintech.com www.FintechIreland.com