Far from being just a convenience for the affluent, mobile banking may also turn out to be a boon for people just beginning to find their financial footing. Earlier this month, London-based fintech company Monese announced a fresh investment of $10 million in its mobile banking app, which targets immigrants and refugees who may find it difficult to open a bank account through traditional means.
“Monese’s underlying technology enables the company to provide customers with a UK current [checking] account regardless of their citizenship,” CEO and founder Norris Koppel told TechCrunch. “This will revolutionize banking for immigrants and expats as ‘residency restrictions’ imposed by traditional high street banks are one of the single greatest barriers to accessing the banking system when they arrive in a new country.”
The startup claims that accounts can be opened in three minutes. It offers cheap international payments and allows customers to send and store money in multiple currencies. For the moment, Monese only operates in the UK, but the company’s latest funding round should allow it to expand to other European countries.