Challenger banking player Monese makes its first acquisition
The price was not disclosed. This is Monese’s first acquisition.
Trezeo operates in the UK and Ireland, offering “unique subscription-based income smoothing” and acting as a “digital financial safety net to the UK’s independent workers, gig workers and the self-employed”.
The company is an FCA-authorised lender and is backed by Barclays’ accelerator Techstars; Ireland’s national start-up accelerator programme NDRC; Nationwide, through its Open Banking for Good Challenge; the UK Cabinet office, through the Inclusive Economy Partnership; Mastercard’s Centre for Inclusive Growth; and the RSA’s Future of Work Centre.
The company was founded in 2016 by Garrett Cassidy and Flavien Charlon. They will now lead Monese’s credit strategy and credit technology operations.
“This is the start of us moving further into credit and lending and broadening our services for independent and self-employed workers, which will significantly enhance our offering to our existing customers,” says Norris Koppel, founder and CEO of Monese.
“Many of Trezeo’s target customers are our customers: gig workers, side-hustlers, go-getters, and all those working towards achieving their dreams. We know these workers are looking for more of a safety net, particularly when it comes to accessing credit.”
Launched in September 2015 by Koppel after his first-hand experience of trying to open a bank account in another country, Monese was the UK’s first mobile app alternative to traditional banks.
It now operates across Europe and is available in 14 languages.