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London-based Monese secures $60M in series B funding round

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London-based Monese secures $60M in series B funding round

London-based digital current account provider Monese Ltd secured $60 million of capital in a series B funding round, bringing the total investment in the company to $76 million, since launch.

The series B round was led by Swedish digital brands investor Kinnevik AB, along with PayPal Inc., Avios Group (AGL) Ltd, International Airlines Group and Augmentum Fintech PLC, all of which are new investors in the firm.

Existing investors like Investec Group backed INVC Fund, which has supported Monese since the late seed stage in 2015, also participated in the funding round.

The capital will be used to hire new staff and grow operations, Monese said in a statement on its website, adding that it will also open a new office in Lisbon, Portugal.