Monese
An Estonian founder rejected by UK banks built no-credit-history onboarding for migrants; consumer app later folded into B2B platform XYB.
No-credit-history onboarding; consumer app scaled back to B2B (XYB).
- Who holds it
- An e-money institution holds your balance in a safeguarding account — FCA-authorised e-money institution (FRN 900960); UK accounts as agent of PrePay Technologies; owned by Pockit.
- The ledger
- The e-money institution’s own ledger.
- If it fails
- Safeguarded funds are returned in administration — ring-fenced, but access can be frozen and slow.
Derived from Monese’s regulation type and custody — a class of protection, not a guarantee. Limits and eligibility vary by scheme, balance and jurisdiction; confirm before you rely on it. What happens if a neobank shuts down →
The facts
| Category | traditional · immigrants & migrants |
| HQ | London, UK |
| Founded | 2013 |
| Custody | Custodial |
| Regulation type | E-money institution |
| License detail | FCA-authorised e-money institution (FRN 900960); UK accounts as agent of PrePay Technologies; owned by Pockit |
| Card | MC · Debit |
| Stablecoins | No |
| KYC | Yes |
| Active regions | Europe |
| Countries | United Kingdom, European Union |
| Founders | Norris Koppel |
| Funding | ~$200M raised |
Verified links: official site ↗ · terms ↗ · privacy ↗ · @monese ↗
Common questions about Monese
What is Monese?
Monese is a fiat neobank built for immigrants & migrants, headquartered in London, UK and founded in 2013. Your money is held custodially, so Monese or its partner bank holds the balance and you hold a claim on it. It is regulated as an e-money institution (FCA-authorised e-money institution (FRN 900960); UK accounts as agent of PrePay Technologies; owned by Pockit).
Does Monese have a card, and where can you use it?
It issues a Mastercard debit card. It is available in 2 countries, across Europe.
Does Monese require KYC?
Yes. Monese requires identity verification (KYC) to open an account, as a e-money institution.
Early investors
Head-to-head
Peers
Monzo · Wise · Starling Bank · Atom Bank · Zopa Bank · Chase UK
Monese appears in
Neobanks authorised as e-money institutions (48) · Neobanks available in Europe (144) · Neobanks for immigrants and migrants (9) · Neobanks that issue a Mastercard (150) · Neobanks in United Kingdom (29)
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.