Posted on July 4, 2019 by staff

London FinTech Monese announces PayPal integration


London-based banking firm Monese has launched a collaboration with PayPal to expand access to financial tools, allowing its customers to manage and use their Monese and PayPal accounts together.

The new integration allows Monese customers to add a Monese card to a PayPal digital wallet, and will be able to manage their PayPal balance and transaction history in the Monese mobile app.

The new features are now available to Monese personal account customers in the UK, and will be coming to the rest of Europe and Monese Business customers in the coming months.

Founded in 2013, the UK-based FinTech firm offers an ‘instant’ UK current account for customers without the residency restriction imposed by traditional banks.

The feature allows expats and people who travel to set up a card even when outside the UK.

“We are delighted to make it easier for our customers to connect to PayPal, wherever they may be in the world,” said Norris Koppel, CEO and founder of Monese.

“We serve a fast-growing and incredibly international audience who travel the world for study, work, family, or retirement, and are avid PayPal users.

“These customers increasingly expect the financial freedom to thrive anywhere. Through our partnership with PayPal, our customers will have greater choice and more access to doing business around the world.”

Jennifer Marriner, VP of global markets and partnerships of PayPal, added: “This partnership furthers our mission to democratise financial services.

“We work with innovators like Monese, so people outside the traditional financial system can use our tools to thrive in the global economy.

“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.”

The firm recently announced that over 1 million people have signed-up with the company, and it now sees 3,000 people joining the digital bank Monese every day.

PayPal participated in Monese’s US$60 Million Series B funding round in September 2018, bringing the total amount raised by the firm to $80.4m.