UK challenger bank MoneeMint secures funding
MoneeMint, which aspires to be “the UK and Europe’s first completely digital ethical bank” says it has secured “strategic funding” from Ground One Ventures, a UK-based private investment firm.
MoneeMint will target the underserved bankable communities across UK and Europe. Formerly known as Ummah Finance, it has unveiled its new identity and brand in September this year.
“We are going back to drawing board, looking at each and every aspect of customer current banking journey, the hardship they face and changing it fundamentally from grounds up – giving our customers the freshest banking experience”, explains Hassan Waqar, co-founder of MoneeMint.
According to the bank, its focus is “to be able to deliver financial services which are ethical, transparent and serves the need of the end-customer”. It strongly supports “a collaborative ecosystem where fintech and banks can co-exist and deliver superior products at lower costs with a complete fresh perspective”.
It claims it will deliver a “fundamentally different experience and feel around its product and services”.
The investment will be used to fast-track the technology delivery roadmap. The bank hopes to open for business in Q1 2019.
It has also appointed a new board of directors, including Raheel Iqbal who represents Ground One Ventures and Alpesh Doshi, CEO of Fintricity, a digital transformation advisory firm.