Koppel moved to the United Kingdom and had his application for a current account at a major high-street bank declined because he could not provide local proof of address and did not yet have credit history in the UK.
[3] This experience led Koppel to vow that one day he would launch a banking service that did not exclude customers based on their residency or lack of credit history.
[8] Monese closed its Series A round in January 2017, announcing a $10 million raise from Outward VC, Anthemis Exponential Ventures, STE capital, and Korea Investment Partners, Smartcap and Seedcamp.
[10] Its next funding round, $60 million as part of Series B, was announced on 6 September 2018, and was led by Swedish investment company Kinnevik AB, with participation from PayPal, Augmentum Fintech, British Airways owner International Airlines Group and Investec backed Outward VC.
[14] They aims to secure additional funding in 2024[15] To open and manage a Monese current account, customers must install the company's mobile app on their Android or iOS smartphone.