Monese on track to reach 5m customers in 2020

Digital bank, Monese, is set to reach 5 million customers in 2020. It is also predicted to exceed £1b in value during the first half of the year. Priding itself on offering financial freedom, this is a fintech that is unlike mainstream banks. The acceleration of its growth is a testament to its success.

Selectra takes a look at how Monese got here, where it is heading and how you can sign up for a current account.

Why has Monese been so successful?

Monese launched in 2015 with the aim of helping customers open a current account with less fuss and restrictions. It is notoriously difficult to open a bank account with any of the UK mainstream banks. You need a good credit history and proof of address etc.

Monese is an online banking service that doesn’t require any of this to set up a current account. This brilliant simplicity has enticed millions to sign up and manage their current account via the Monese phone app. To many, the presence of a branch is irrelevant these days as more people turn to online services.

The digital banking revolution has truly taken hold in the UK. Part of the stand-out online services that Monese offers include:

• In-app budgeting tools.
• Instant notifications on your mobile phone.
• The app is available in 12 languages.
• It’s free to open an account and your card will be sent to you.
• Impossible to go overdrawn because Monese won’t authorise payments when there isn’t enough money in your account.

Convenience is ultimately the driving force behind most customers turning to online banks. There is no need to book an appointment or walk into a branch and the application process is faster.

With branches closing down all over the country even traditional banks are relying more and more on digital banking methods.

Where has Monese been the most successful?

The UK is where Monese’s biggest customer base is. Monese currently has 800,000 customers in the UK.

France and Germany are the next largest markets for Monese. In 2019, there were a total of 200,000 new customers from these countries who signed up.

Since Monese is headquartered in the UK, it makes sense that this would be its biggest market. Will anything change as a result of Brexit, given it has customers on both sides of the pond?

What will happen after Brexit to UK Monese accounts?

Monese will still be able to operate and be headquartered in the UK because it has secured a post-Brexit licence through a partner. Additionally, Monese assures that no additional fees will be applied as a result of Brexit.

For some digital banks, the future of their business in the UK is less certain. It appears most banks are working towards safeguarding UK business after the Brexit transition period finishes (end of 2020).

However, some will need to close customer accounts due to the different licencing rules across both sides. N26 is one such company that has already confirmed it is closing its UK operations as a result of Brexit. The date that it will cease trading in the UK is 15 April 2020.

Monese continues to innovate and impress customers

Monese is showing no signs of slowing down or becoming idle on creating new features or service offerings. In January 2020 it released a host of new features and services.

Save money more easily with up to 10 Monese pots

You can now have up to 10 Monese pots to help save money more easily. You can assign each pot a name (i.e. rainy days, holiday, eating out) and keep track of how much money you are saving in each one. Each pot will have a specific target and you can see instantly how far off you are from your end goal.

You can set up automatic transfers from your account on a monthly or weekly basis so the amount goes straight into your desired pot/s and watch it grow.

Touch in even faster on the London TFL network

If you have Apple Pay on your phone or an Apple watch and a Monese account, you can touch in on TFL underground trains, trams and buses using ‘express mode’.

If you enable your device to have ‘express mode’ on, you don’t need to wake up your phone or watch or open the app. You can simply touch your device onto the yellow reader and the gates will open. Less faffing around on your commute and one less thing to stress about.

Ad hoc Monese app and service enhancements

Here are some of the new benefits and app improvements launched in January and February 2020:

• As soon as you verify your address your virtual card will be created.
• Add your virtual cards to Google Pay.
• Search through your contacts more simply when you have to send or request money.
• You can now make international transfers in Canadian dollars via the app.

As you can see, Monese is not your traditional bank. It offers great features on the Monese app and allows you to run your banking remotely, wherever you are. With another 3 million customers expected to join this year, will you be one of them?