Most banks haven't innovated their consumer offering for decades, but in recent years the tide has been turning. Fast-moving disruptors have brought numerous consumer-first banking products to market, with valuable and innovative features - and one of these is Monese.
Monese's differentiator is that it targets customers with a ‘thin’ credit file, which makes it attractive to recent migrants or other customers that don’t have a full financial history. These people can find it cumbersome to apply for accounts with high street banks, but with Monese accounts can be opened in just 2 minutes with minimal documentation.
In 2023, the company launched its XYB banking platform, aiming to improve the way banks make financial services available for UK and European clients. The next year, Monese was acquired by Pockit (another business serving underbanked people). The companies remain in a transitionary period as the combination of their operations is finalised, both continuing to deliver their valuable services.
Steph
Company Specialist at Welcome to the Jungle