Remittance comparison site Monito gets £2.5m funding
Monito, a Lausanne-based comparison website for international money transfer services, has raised $2.5 million in Series A financing led by Tamedia, a Swiss private media group.
B&Y Venture Partners, Silicon Valley-based fintech entrepreneur Alexandre Gonthier as well as previous investors also participated in this round.
Samuel Hügli, member of the management board and head of the technology and ventures division at Tamedia, says: “Following our investment in the blockchain-based Lykke marketplace, Monito is another addition to our fintech portfolio. As a company, we intend to learn more in this area, and I’m already looking forward to exchanging ideas with the highly experienced Monito start-up team.”
Monito helps find the best money transfer provider across more than 190 countries. The site currently employs seven staff members.
The company intends to use these funds to extend its international audience and raise more awareness regarding the “huge potential savings” of comparing money transfer fees.
Monito will start hiring new software engineers, designers and digital marketers to complement its current team and boost its expansion.