Monese secures £65.8 million Series C investment led by Investec

Digiqole ad

Monese Launches New BaaS Platform and Strategic  Partnership with Investec Bank 

  • Investec leads first close of Series C as part of strategic partnership and increases stake in  Monese  
  • Launch of Monese’s cloud-based transactional banking platform meets the increasing post pandemic demand for modern digital financial services amongst consumers 
  • Investec will adopt the BaaS platform and use it to deliver its digital current account offering in  the UK 
  • To date, Monese has raised $162 million from notable investors such as Investec, Outward VC,  Kinnevik, Paypal and Augmentum 

UK, London – 20 September 2021 – Monese, the leading pan-European fintech, today launches a  Banking-as-a-Service platform (“BaaS”) and announces a new strategic partnership with Investec Bank  plc (“Investec” or “the Bank”).  

As part of the strategic partnership, Investec leads the first close of Monese’s ongoing Series C, bringing  the total raised by Monese to $162 million. Lyndon Subroyen, Global head of Investec digital and  technology, also joins the Monese board.  

Investec will adopt Monese’s new BaaS platform, allowing the Bank to accelerate the development of its  transactional banking proposition in collaboration with Monese.  

The BaaS platform will bolster Investec’s private client transactional banking service and be instrumental  in the launch of a new business current account offering for private companies. Over time, Investec also  expects BaaS will allow the Bank to consolidate its retail savings products. 

Monese and Investec are closely aligned in their commitment to opening up the full extent of digital  banking possibilities. The two companies aim to ensure that banks, fintechs and marketplaces can meet  the accelerating post-pandemic demand for modern digital financial services amongst consumers.  

Monese’s new BaaS platform meets this need. It is cloud based, modular and configurable across  multiple jurisdictions, and it is fully integrated with leading financial services partners. BaaS users will  have access to everything they need to deliver current account services; from core banking technology  to risk engine or mobile app development. Clients will be able to use the platform to build fully bespoke,  end-to-end, current account services which can be customised from country-to-country. This makes the  Monese platform cost effective and scalable, while simultaneously giving financial service providers the  ability to offer a modern digital banking experience to their consumers at speed. 

The new BaaS platform is a complement to Monese’s popular European mobile money app, which  allows consumers across Europe to access an account quickly in multiple languages and multiple  currencies.  

In the past year, Monese has also announced a European multi-year strategic partnership with  Mastercard and adopted Thought Machine’s cloud native core banking platform, Vault.  

Investec’s Private Company Fundraising (PCF) Team are advising Monese on the second close of its  Series C. PCF is in dialogue with leading financial institutions and venture capital investors regarding  their participation in the round.  

Norris Koppel, Founder and CEO of Monese, said:

“We’re very excited to launch our BaaS platform and  delighted to have such a distinguished partner and investor in Investec, who brings a great deal of  experience in delivering exceptional banking services. At Monese we have built a cutting-edge  technology platform, one that is tried-and-tested and integrated with some of the best partners in the  business. In our experience core banking providers only cover a small part of the products and services  that are required to meet the demands of modern digital banking and so our BaaS offering is completely  end to end – it’s everything you would need to launch a current account from scratch.  

“The pandemic has accelerated the digital transformation significantly. There is a huge appetite amongst  traditional and non-traditional companies to reduce the transformation time from years to months or  even weeks. With this platform, we believe we can help others take their digital banking offering to a  totally new level, get them to market as quickly as possible and get them ahead of consumer demand.”  

Lyndon Subroyen, Global head of digital and technology at Investec, said:

“We have a longstanding  relationship with Monese, having invested in them through Outward VC fund, and smaller investment  vehicles in recent years. This strategic partnership will enable us to leverage their scale, expertise, and  digital capabilities to deliver Investec’s digital current account offering in the UK. We’re confident that in  Monese we’ve found the best partner that will bring enhanced capability for our clients.” 

Ruth Leas, CEO of Investec Bank plc, said:

“This partnership with Monese will contribute to our growth  strategy for the UK Bank as well as bringing accelerated efficiency and enhancements to our private  client transactional banking offering and a more holistic banking proposition for our clients in the form  of business current accounts. We look forward to building this platform together with Monese.”  


For further information please contact: 

Monese – Alex Rowbottom/ [email protected] 

Investec – Tom Baldock, Lansons / [email protected]

About Monese  

Monese is a leading pan-European fintech that offers modern, digital financial services to millions of  consumers across Europe, in 14 languages, and now a cutting-edge Banking-as-a-Service platform to other  financial institutions. To date, Monese has raised $162 million from notable investors such as Investec,  Outward VC, Kinnevik, Paypal and Augmentum.  

Launched in September 2015 by the entrepreneur Norris Koppel, after his first-hand experience of trying  to open a bank account in another country, Monese was the UK’s first mobile app alternative to traditional  banks.  

Monese accounts can be opened quickly and easily, and are credit check-free. With Monese customers  can budget money, track spending and send money abroad right from their mobile phone. Monese makes  it easy for customers to deposit their salaries, pay their bills, and save. Customers can link their PayPal  and Avios to Monese and use Apple Pay and Google Pay.   

Monese empowers ambitious people with untraditional work and income patterns by providing easily  accessible and personalised financial services. Monese is a mobile money app for the rapidly scaling  untraditional workforce – those who are moving to the gig economy, juggling bills at the end of the month,  finding a side-hustle, or finding a niche in the creative economy. 

Follow us and join the discussion here:  





Stay tuned for the latest news, feature updates, tips and advice here: For  more information please visit: 

About Investec 

Investec partners with private, institutional and corporate clients, offering international banking,  investment and wealth management services in two principal markets, South Africa and the UK, as well  as certain other countries. The group was established in 1974 and currently has approximately 8 200  employees.  

Investec has a dual listed company structure with listings on the London and Johannesburg Stock  Exchanges. Investec’s current market capitalisation is approximately £2.6 billion.

Digiqole ad

Safiya Marzook

Related post