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Monese aiming to up head count to about 500 by 2019-end

Monese Ltd.'s head count will rise to about 500 by the end of 2019 and "probably" exceed 1,000 in 2020, CEO Norris Koppel told Financial News reported.

The financial technology company secured $60 million in funding in September 2018 and has raised $100 million to date. Koppel said the firm needed at least one more investment round to attain profitability.

An imminent fundraising round will fuel the new hiring, Koppel said.

The new hires will be based across the firm's four offices in London, Berlin, Lisbon, Tallinn in Estonia, and perhaps in new locations. The company is trying to reduce costs by hiring outside London, Koppel said.

The digital firm, which is a rival to British financial startups such as Monzo Bank Ltd. and Revolut Ltd., plans to release its results for 2018 in the next month or two, the CEO said.