Business Accounts Launched By Digital Banking App Monese

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Today, Monese, a digital banking app, announced its expansion into the world of business banking, as it launches the accounts for young firms and entrepreneurs across the United Kingdom and Europe.

The said accounts are set to be released to businesses that are registered in the United Kingdom first. It will be available in 11 languages in an attempt to tap the growing multicultural industry base of the United Kingdom. The company said that accounts in Europe are set to follow suit “very soon.”

Recently, Monese was able to close its series B investment round for $60 million (£46.4 million) last September, with backing from various investors such as Augmentum Fintech, Paypal, and Kinnevik.

Norris Koppel, the founder and chief executive of Monese, stated:”Following the great success of Monese’s personal banking service in the UK and Europe, we are really excited to launch the Monese business account, which is the next big step in our expansion.”

He added: “The Monese business account is one of a number of offerings we are launching for internationally mobile people and businesses, following significant investment from world-class investors in September. This investment is enabling us to continue on our path to becoming a global financial platform to all.”

The said account will come bundled with a version of the personal account premium offering of the banking app, costing a total of £9.95 per month with transparent charges and free bank transfers, direct debits, and card payments.

With the use of its latest funding round, Monese has set itself a goal of hiring an extra 100 staff members by the end of the year across its existing offices that are located in London and Tallinn, as well as a new office that was established in Lisbon.

The startup said that its new monthly user numbers had been tripling since the end of the previous year, with more than 600,000 personal current account users creating an annual transaction volume of more than $3 billion.