Moneytrans building European neobank for migrants
Moneytrans, a Brussels-based money transfer service, is understood to be building a bank for its core products’ target demographic – migrants.
The company has its head office in Belgium, but it also runs part of its business from Malaga, Spain.
Francisco Sanchez-Apellaniz, founder of the company and Spanish in origin, claims to be “building the first neobank for migrants” – and so do the company’s CTO, Luis Quijada; CTO, Jeremy De Smet, and other management people in the firm.
The company is currently hiring for developer roles based in Malaga, Spain, which makes us believe that this will be the first target market for the upcoming bank.
It is understood that this bank will use the money transfer technology and services that the company already offers.
FinTech Futures contacted the company and Sanchez-Apellaniz told us that it is too early to talk.
Moneytrans was founded in 2002 and offers a variety of services. These include remittances, cross-border payments, exchange services, prepaid cards, and even “ferry tickets”.
For an overview of challenger banks in Spain, check out our comprehensive list here.