London fintech Monese set to become the latest British £1bn-valued unicorn

David Prior's picture
by David Prior

London-based fintech Monese is looking to raise £100m in a deal that would make it the latest British £1bn-valued 'unicorn'.

Founded in 2013, Monese provides an app-based current or business account and is available in 31 countries across Europe.

It specialises in helping people who have poor credit histories who would usually struggle to access traditional banks, such as immigrants. The company said it was picking up customers at the rate of 9,000 a day and now had over two million signed up in total.

Monese’s last major funding round was completed in September 2018, when it raised $60m from companies including Kinnevik, PayPal and International Airlines Group.

The Financial Times has now reported that it is "confident" of raising £100m, with founder Norris Koppel saying "it’s clear another round has to happen. What we are intending to do with our next raise is raise enough capital to take us all the way through to profitability”.

He added: "It took 42 months to get to 1m customers and only eight months to reach today’s milestone. We started Monese with one goal – to provide financial freedom anywhere and everywhere. We’re beginning to expand this and are seeing huge popularity in big global cities across Europe.”

In its last reported accounts, for 2018, Monese made £5.5m with a pre-tax loss of £12.7m.