European digital bank Monese has launched a collaboration with online payments giant PayPal to provide its clients access to more financial tools and the ability to “seamlessly” manage accounts on both platforms.
In what is described as a “first step in a broad collaboration,” customers will be able to manage and use their accounts together through either platform.
Norris Koppel, CEO and founder, Monese, commented: “We are delighted to make it easier for our customers to connect to PayPal, wherever they may be in the world.
“We serve a fast-growing and incredibly international audience who travel the world for study, work, family, or retirement, and are avid PayPal users.”
Monese customers will be able to add their card onto a PayPal digital wallet, providing them access to PayPal’s global consumer and merchant.
Furthermore through the partnership customers can select Monese as their preferred way to pay within the PayPal wallet and can also manage their PayPal balance and transaction history in the Monese mobile app.
“These customers increasingly expect the financial freedom to thrive anywhere. Through our partnership with PayPal, our customers will have greater choice and more access to doing business around the world,” continued Koppel.
The UK based digital bank recently announced it had reached the accolade of one million sign ups after it tripled its customer growth in 2018.
Despite UK headquarters, Monese revealed demand for its product in mainland Europe surpassed that of the UK in November 2018, and in March 2019, two-thirds of all sign ups were in mainland Europe.
PayPal participated in the firms $60 Million Series B funding round in September 2018, which has helped develop what it described as an “aggressive product roadmap.”
Jennifer Marriner, VP of global markets and partnerships, PayPal, said: “This partnership furthers our mission to democratise financial services. We work with innovators like Monese, so people outside the traditional financial system can use our tools to thrive in the global economy.
“Many of Monese’s customers use it as a primary financial account and we look forward to serving them on our platform as we continue to partner on new services and experiences.”
All features are available to Monese personal account customers in the UK, and the company said it will be launching into the rest of Europe over the coming months.
