Monese, the provider of instant mobile current accounts, has revealed new figures that show strong growth as the company nears £1Bn worth of annual transactions, following its Eurozone account launch in September.
Since Eurozone accounts opened, customers have been free to move anywhere in the Eurozone and the UK, safe in the knowledge that their local bank account will be accessible and usable consistently via the app in any one of eight languages.
Two months on from launch, Monese is sharing the following update on its growth metrics:
- On track to do over £1Bn in annual transactions
- Transactions are growing over 20% month-on-month
- On track to reach 1 million monthly transactions in December
- Over 200,000 Monese accounts have been opened, adding over 1,000 per day
- Over 70% of active customers use Monese as a primary bank account to receive their salaries
- Active customers making at least one transaction each day
- Recently updated their "bank-grade" KYC (Know Your Customer) system using its proprietary technology which has seen a significant increase in the number of fully automatically verified customers
- Rated 5-Star on TrustPilot, the Apple Store and Google Play Store
Norris Koppel, Founder and CEO of Monese, commented: "2017 has proven to be a momentous year for Monese. We've launched in 20 countries, we are now serving our customers in eight languages, we've improved our KYC technology, and now we're seeing the results of this effort from our team. We are also seeing exceptional growth in gross margins and strong unit economics."
Koppel continued: "We're on a mission to provide a helpful service to a lot of people who struggle with traditional banks because of their outdated paper-based processes and tech limitations. Empowering more people to easily bank like a local at home or abroad – wherever they decide to live. Now we're seeing big benefits to the company from making this mission a reality, putting us in a strong position for further growth next year."
Monese launched in September 2015 and was the first 100 percent mobile bank account in the UK. In order to join, users download the app and use it to take a video selfie, providing a snap of their passport or national ID, alongside some basic profile information. The team is based in London and Tallinn, Estonia, and since closing a Series A round last year, has grown to a team size of 90.