Monese Ltd is a European banking service, registered with the UK's Financial Conduct Authority (FCA) as an electronic money institution under the FCA's Electronic Money Regulations. It is one of a number of new, app-based challenger banks in the UK.
Video Monese
History
Monese was founded by Norris Koppel a serial entrepreneur from Estonia. Koppel moved to the United Kingdom 17 years ago and had his application for a current account at a major high-street bank declined because he could not provide local proof of address and did not yet have credit history in the UK. This experience led Koppel to vow that one day he would launch a banking service that did not exclude customers based on their residency or credit history.
"We consider access to modern banking facilities and a safe place to keep one's money everyone's basic right".
Monese launched its first product, an instant open mobile current account in the UK on 21 September 2015.
Prior to the launch of its current account it was reported that over 56,000 customers pre-registered for service and joined a waiting list to be granted access. Monese is able to provide banking services to resident and non-resident customers and has an account opening process that can be completed on a customer's smartphone in under three minutes.
Monese initially provided all of its services free of charge, with the exception of international money transfer - but in 2016 it began charging a fixed fee of £4.95 per month for its current account product.
Maps Monese
Mobile apps
To open and manage a Monese current account customer's must install the company's mobile app on their Android or iOS smartphone. The Android app has been available since Monese's public launch on September 21, 2015 and the iOS app launched on 28 July 2016
References
Source of the article : Wikipedia
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