6 September
2018
Augmentum Fintech
plc
Augmentum Fintech
plc announces £5.3 million investment in Monese
Augmentum Fintech plc (LSE: AUGM) (“Augmentum” or the
“Company”), one of Europe’s leading fintech venture capital
investors, announces an investment of £5.3 million in UK based
fast-growing mobile-only current account provider Monese.
Augmentum is participating in this £46 million Series B
fundraising alongside Kinnevik, PayPal and Avios, all of whom are
investing in Monese for the first time.
Monese (www.monese.com) launched in September 2015 as the first mobile-only current
account in the UK and serves the increasingly mobile European
labour market. The majority of its nearly 600,000 customers use
Monese as their primary bank account, with 75% of all incoming
funds being regular salary payments.
The new funds are being raised by Monese for product development
and international expansion, including building-out both the
London and Tallinn offices, as well as opening a new
office in Portugal as a base for
development across Southern
Europe.
Tim Levene, CEO of Augmentum
Fintech, said: “We look for firms that can disrupt and take market
share, and not only is Monese able to do that, it is also able to
move fast. Launched only four years ago it is already active in 20
countries which demonstrates the demand for its product from the
increasingly mobile European workforce. We believe that this is a
market which will continue to grow”.
Ends
For further information, please contact:
Augmentum
Tim Levene
Richard Matthews
Nigel Szembel |
info@augmentum.vc
+44 20 3961 5420
+44 (0)7802 362088 |
|
|
Fidante
Capital
Tom Skinner
Nick Donovan |
+44 (0)20 7832 0900 |
|
|
Newgate
Communications
Bob Huxford
Robin Tozer |
augmentum@newgatecomms.com
+44 (0)20 3757 6867 |
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|
This announcement contains inside information for the purposes
of Article 7 of the Regulation (EU) No 596/2014 on Market
Abuse. Upon the publication of this announcement, this
information is considered to be in the public domain.
Notes
About Augmentum Fintech plc:
Augmentum Fintech plc is one of Europe’s leading venture capital
investors focusing exclusively on the fintech sector. Augmentum
invests in fast growing fintech businesses that are disrupting the
banking, insurance, asset management and wider financial services
sectors. Augmentum is the only listed fintech-focused venture
capital firm in the UK, having launched on the main market of the
London Stock Exchange in 2018, giving businesses access to patient
capital and support, unrestricted by conventional fund
timelines.