1. Introduce yourself and your story behind Monese
Norris Koppel: I’m the founder and CEO of Monese, established in 2015 after moving from Estonia to the UK. I faced the challenge of opening an account as a migrant—without proof of address or credit history—which sparked the idea of a mobile-first bank designed for expats and underserved consumers
2. What services does Monese offer?
Monese provides mobile current accounts in GBP, EUR, and RON, instant onboarding, debit cards, budget tools, remittances, FX transfers, joint/business accounts, virtual cards, and credit-builder features
3. What’s the company’s target market?
Our core users are migrants, expats, travellers, and anyone facing barriers with traditional banks across Europe. We serve over 2 million customers in 31 EEA countries
4. Licensing and regulatory status?
Monese is an FCA‑authorised EMI; in the UK it operates via PrePay Technologies, and in EEA via PPS EU SA. We’re fully compliant across jurisdictions
5. How do you price your services?
We use tiered subscription plans—from free to Premium—offering increasing limits and features. We’ve recently added fees like £0.30 for virtual cards and £1 for domestic transfers in the UK
6. Who are your main competitors?
Key rivals include Wise, Revolut, N26, and traditional challenger banks. Our edge lies in fast onboarding for migrants, strong inclusion focus, and a dedicated PaaS arm, XYB
7. Explain your PaaS offering XYB
XYB is Monese’s embedded banking tech spun out in 2024. It provides coreless banking APIs and white‑label solutions for B2B clients while Monese remains focused on consumer services
8. Tell us about funding & ownership
We’ve raised over $200 m (Seed to Series B), with notable backers like HSBC Ventures ($35 m in 2022) and Kinnevik. In 2024 we were acquired by Pockit, with £15 m committed to support growth
9. How is Monese’s financial performance?
We posted a £30.5 m loss in 2022, but reduced that significantly in 2023 to low single-digit millions—approaching profitability. We maintained ~£27.7m in revenue in 2022
10. What were the biggest challenges?
Managing growth and costs, especially during the split with XYB. Regulatory complexity and needing continuous investment have also been tough
11. What recent milestones are you proud of?
Launching in‐app virtual cards, credit-builder tools, achieving 2 million customers, spinning-off XYB, and completing the Pockit acquisition—all signs of growth and strategic positioning
12. How do you differentiate post-acquisition?
We’ve retained autonomy as a consumer brand under Pockit while using the backing to scale faster. Collaboration with XYB and Pockit enables joint innovation
13. What role does AI & personalization play?
We’re researching AI for fraud detection, UX enhancements, and real‑time personalisation—especially in coreless banking via XYB
14. Where is Monese heading in 2025?
We aim to reach profitability by year‑end, expand into more EEA markets, evolve credit-builder, lending, and deepen integration with XYB and Pockit services.
15. What’s your long-term vision?
To become the digital banking platform of choice for global migrants—offering fairness, accessibility, and embedded financial services where needed most.
16. Company culture overview?
We’re mission-led, tech-driven, multicultural. Team of ~370, lean and agile, with a focus on inclusion, transparency, and continuous improvement
17. What’s your greatest learning?
Always start with user pain—mine was account access. Build solutions for real problems, stay focused, and split when complexity demands it.
18. On fintech consolidation?
We see vertical consolidation: B2C and B2B offerings need clear focus; deals like our spin-off/acquisition are driving efficiency and tech synergy
19. Advice to migrant fintech founders?
Use your experience—your challenges are your superpower. Solve painful pain points and build once you’ve validated the need.
20. Final message?
Monese isn’t just a bank—it’s a bridge for those underserved. We believe access to finance is a human right, and our mission remains building that bridge worldwide.
🔍 Related searches
- Monese Norris Koppel interview
- Monese vs Revolut vs Wise
- Monese XYB embedded banking
- Pockit acquisition of Monese 2024
❓ FAQ
Is Monese regulated?
Yes—Monese is an FCA-authorised EMI in the UK and EEA, via PrePay Technologies (UK) and PPS EU SA (Belgium).
Can I open a Monese account as an expat?
Absolutely—it was designed for fast account opening for migrants, travellers and residents without UK credit/history.
What is XYB?
XYB is Monese’s B2B banking tech platform, spun off in 2024 to provide embedded banking APIs to other businesses.
