Augmentum and Investec in $60m series-B for Monese

Digital-focused investment firm Kinnevik led the round, with trade investors PayPal, International Airlines Group and Avios Group also taking part.

The latest round, which brings the total amount of capital raised by the business to $76m, will be earmarked for product development, recruitment in Monese's UK and Estonian offices, and the launch of a new office in Portugal.

Investec drew capital from its early-stage fund INVC, which was already invested in the company.

Previous funding
Seedcamp and SmartCap took part in a $1.8m round of growth-capital funding for Monese in May 2015, alongside other investors.

SmartCap and Korea Investment Partners then led a $10m series-A round for the business in January 2017, alongside Anthemis Exponential Ventures, STE Capital and Seedcamp.

Company
Founded in 2013, London-headquartered Monese is a challenger bank offering current accounts that are accessible exclusively via mobile devices. The company has a headcount of 140 and around 600,000 customers across the UK and continental Europe.

People
Monese – Norris Koppel (founder, CEO).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Expansion
• UK / Ireland
• Financials
• United Kingdom
• Venture
• Investec