Monese

UK-based Monese provides banking services to individuals and businesses via a web portal and a mobile app. Under its B2C segment, the platform enables individuals to create bank accounts (both single and joint) solely using a photo of their ID and a selfie; it requires no additional details, such as addresses or credit checks. Through these accounts, individuals are able to deposit, receive and send money, and use debit cards which can also be used via digital wallets, such as PayPal, Apple Pay, and Google Pay. The platform also offers ‘money pots’ which enables customers to create separate sub-accounts to set money aside for specific purposes and also provides account details in multiple currencies, which include GBP, EUR, and RON. In addition, the platform facilitates payments, via the UK Faster Payments Network, and also allows international money transfers at real-time exchange rates, with no additional fees.

In addition, the platform also provides Personal Finance Management (PFM) tools with features such as spending overviews, budgeting tools, and transaction details to help customers manage their finances. Moreover, in September 2019, the company announced a partnership with Raisin, a savings and investment marketplace, which would allow customers access savings products offered via Raisin, directly via Monese’s app, and earn interest. It also offers a credit improvement service known as Credit Builder (launched in January 2022), through which customers with little or no credit history can initiate a loan, which they repay in twelve monthly installments that are locked away and returned at the end of the loan term. The repayments are reported to the three main UK credit agencies and lenders, thereby improving customers’ creditworthiness.

The company also offers business banking accounts launched in 2018, which can be used as standalone products or linked with personal accounts. The business banking account includes a checking account, debit card, foreign currency spending and transfers, and money pots.

In line with Monese’s broader strategy to expand into offering credit to the self-employed, the company acquired financial services provider, Trezeo, in December 2021, to launch credit and lending products in the UK. Through this acquisition, Monese is also expected to expand its reach into European markets through an increased focus on Ireland.

The company’s individual accounts are offered under three tiers: 1) Simple, 2) Classic, and 3) Premium. The Simple account is offered free of charge, while Classic and Premium are priced at GBP 5.95 and 14.95 per month, respectively. Additional benefits offered under its paid packages include higher ATM withdrawal limits and higher limits on foreign currency spending. Meanwhile, the business account is priced at GBP 9.95 per month. Monese operates in the UK and all 30 countries included under the European Economic Area.

In October 2024, the Pockit announced plans for acquiring the company for an undisclosed sum. Following the acquisition, Pockit aims to launch new services and benefit from Monese's regulatory infrastructure, operational synergies, and complementary product offerings such as multi-currency accounts and salary advance offerings.

Key customers and partnerships

As of 2020, the company had over two million customers.