Monese moves into digital banking with Investec

Monese has launched a Banking-as-a-Service (BaaS) platform following a new partnership with Investec.

Norris Koppel, Monese CEO

The ‘strategic partnership’ with Investec Bank sees the bank lead the first close of the fintech’s ongoing Series C round and Lyndon Subroyen, global head of Investec’s digital and technology division, joining the Monese board of directors.

The Anglo-South African financial services firm will also implement Monese’s new cloud-based BaaS platform, firming up its digital current account offering in the UK for customers and private companies.

In the past year, Monese has announced a European multi-year partnership with Mastercard and adopted Thought Machine’s cloud native core banking platform, Vault.

Launched in September 2015 by the entrepreneur Norris Koppel, Monese was the UK’s first mobile app alternative to traditional banks and to date has raised $162 million.

Monese’s BaaS platform is scalable and modular, allowing users to build out current account services including core banking technology, risk engine and mobile app development.

Monese CEO and founder, Norris Koppel, says the fintech’s BaaS offering is end-to-end and provides everything needed to launch a current account.

“In our experience, core banking providers only cover a small part of the products and services that are required to meet the demands of modern digital banking.

“The pandemic has accelerated the digital transformation significantly. With this platform, we believe we can help others take their digital banking offering to a totally new level, get them to market as quickly as possible and get them ahead of consumer demand.”