Amid Brexit, British digital bank Monese looks overseas: Collaboration with Paypal, plans to bring Apple Pay to Central and Eastern Europe and more

Amid Brexit, British digital bank Monese looks overseas: Collaboration with Paypal, plans to bring Apple Pay to Central and Eastern Europe and more

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It has become a rarity for many of us to step into the proper brick and mortar bank to carry out financial transactions. These days most banking operations are done in just a click through mobile phones. Thanks to digital banking!

Amidst Brexit chaos, the traditional banks struggle to build a loyal customer base and have been in a cat-and-mouse game. Taking this as an opportunity, the emerging digital banks like Monese shows positive signs and traits of a strong brand that can keep customers happy and engaged.

Heads up: Monese! 

Monese was born after founder’s first-hand experience of the hassle involved with opening a bank account in a new country. Founded by Norris Koppel in 2013, Monese provides instant on-demand UK current accounts and European IBAN accounts in 20 countries regardless of the customer’s citizenship.

This digital bank is a relief for expats and digital nomads, as ‘residency restrictions’ imposed by traditional banks are one of the single greatest barriers to accessing the banking system.

Monese has raised a total of $80.4M in funding over 8 rounds. Their latest funding was raised on Jun 13, 2019, from a Venture – Series Unknown round. The digital bank operates in 12 languages and has over one million customers.

Cheap global payments and contactless debit card!

Moreover, the Monese’s technology can validate the identity of customers in real time enabling customers to open an account in a matter of minutes, using a mobile app. Monese’s fully-featured UK banking account comes with cheap global payments and a contactless debit card.

Apple pay for Monese customers! 

Just like Revolut, Monese has expanded its support for Apple Pay to twelve EU countries in Central and Eastern Europe. The service is available throughout the whole European Union and some member countries of the European Economic Area.

The list includes Bulgaria, Croatia, Cyprus, Estonia, Greece, Latvia, Lithuania, Malta, Portugal, Romania, Slovakia and Slovenia.

How to Setup Apple payment on Monese App?

Step 1: Open the Monese app and navigate to the ‘Card’ screen.

Step 2: Tap the ‘Add to Apple Wallet’ button and follow the instructions.

Step 3: Now open your Apple Wallet, and you’ll see Monese card.

Another tie-up with Paypal!

Recently, Monese collaborated with PayPal in an attempt to expand access to financial tools. With this move, Monese customers will be able to easily manage and use their Monese and PayPal accounts together.

Norris Koppel, founder, said:

We serve a fast-growing and incredibly international audience who travel the world for study, work, family, or retirement, and are avid PayPal users. Through our partnership with PayPal, our customers will have greater choice and more access to doing business around the world.

Interestingly, users also benefit from features that will make it simpler to manage money in their PayPal account through Monese and use it in their PayPal digital wallet to pay online.

Jennifer Marriner, VP of global markets and partnerships of PayPal, says:

Many of Monese’s customers use it as a primary financial account and we look forward to serving them on our platform as we continue to partner on new services and experiences.

These features are now available to Monese personal account customers in the UK and will be coming to the rest of Europe, as well as Monese Business customers in the upcoming months.

Stay tuned to Silicon Canals for more updates in the tech startup world.

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