Monese, the European banking app aimed toward prospects with a ‘thin’ credit file or those who have changed country, is launching “Monese Savings” in collaboration with fintech Raisin.
The brand new feature sees Monese customers gain access to Raisin’s cross-border deposits market so that they’ll shop for an aggressive rate of interest via numerous European banks signed up to Raisin. It will be available to Monese personal account prospects in the U.K., Austria, Germany, France, the Netherlands, and Spain.
For an example of what’s on offer, Monese says its U.K. prospects can access rates of as much as 2.20% AER via Wyelands Bank’s five years Fixed Deposit product. Shorter durations with different rates are available from different Raisin market-supported banks and products.
As Monese Savings gets further developed, the programs, says the London startup, is to offer “seamless” savings account access and control all within the Monese app. This may soon promote automated recurring payments to make saving more convenient.
Monese Savings stand alongside “Pots,” Monese’s non-interest bearing savings accounts, which started in May 2019. This is more of a budgeting device, rather than long-term financial savings where a customer expects to receive interest.
Notably, Monese is disclosing that it now has over 1.4 million signups, claiming that customer progress tripled in 2018 and that over 100,000 people are becoming a member of Monese every month. Demand for Monese across mainland Europe exceeded that of the U.K. in November 2018, says the firm, and in March 2019, two-thirds of all sign-ups to Monese were in mainland Europe.
A year ago, Monese raised $60 million in Series B funding. Kinnevik was leading the round with participation from PayPal, Augmentum Fintech, through its loyalty and data enterprise Avios Group Ltd., and Investec’s INVC Fund.