Neobank Monese is the latest fintech company to explore crypto products
London-based neobank Monese plans to offer new crypto products through its mobile money app, according to two people familiar with the matter.
The sources said Monese has had discussions with crypto exchanges about potential partnerships to help launch the new tools.
But the exact timeline for such a move is unclear, and a spokesperson for Monese said the company had “no immediate plans” to launch a crypto product.
“We’ve talked to almost all of the payment processors and neobanks. They are all at different stages, so you never know who is serious about adding crypto and who is just doing research, ”said an executive at a crypto company.
All aboard the crypto train
A wave of fintech companies have shown how serious they are about crypto in the first half of 2021.
Neobanks such as Curve in the UK, N26 in Germany, and MoneyLion in the US have all announced plans to offer new crypto trading tools, as have European investment firms Plum, Freetrade, and Trade Republic.
“As Covid-19 hit and priorities shifted, fintechs started talking about profit,” said Julian Sawyer, CEO of Bitstamp. “What you’ve seen is that companies that have a distribution started looking for other sources of revenue. On the flip side, consumers have said they would like to do things with crypto.
Sawyer noted, however, that fintech companies would not invest in crypto development unless they saw strong customer demand. “They have 101 other products to make,” he added.
Launched in 2015, Monese is a rival to Revolut and N26 in the UK and Europe. Its range of banking and card applications is aimed at people with poorer credit scores or no address, who often find it difficult to open traditional bank accounts. The service is available in 31 countries in Europe, and the company has accumulated over two million registrations to date.
Monese secured a $ 60 million Series B investment from PayPal, Kinnevik, Augmentum Fintech and other investors in September 2018. The startup is rumored to be raise additional equity earlier this year.
© 2021 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.