6th Sep 2018 12:40
LONDON (Alliance News) - Augmentum Fintech PLC on Thursday said it invested GBP5.3 million in Monese under fundraising.
The investment company said it participated in the GBP46 million fundraising alongside investment company Kinnevik AB, payments systems firm PayPal Holdings Inc and Avios Group Ltd, a part of International Consolidated Airlines Group, all of whom are investing in Monese for the first time.
Monese is the mobile-only current account company in the UK and serves the mobile European labour market. It has nearly 600,000 customers, who use Monese as their primary bank account, with 75% of all incoming funds being regular salary payments.
The proceeds from fundraising will go towards Monese product development and international expansion. The company plans building-out both the London and Tallinn offices, as well as opening a new office in Portugal as a base for development across Southern Europe.
"We look for firms that can disrupt and take market share, and not only is Monese able to do that, it is also able to move fast," said Augmentum Chief Executive Tim Levene.
Shares in Augmentum were trading 0.1% lower on Thursday at 103.64 pence each.
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