Monese debuts direct debits to challenge traditional banks
Mobile-only bank Monese has unveiled direct debit functionality for its customers – a move designed to offer services closer to that of a traditional high street bank account.
Alongside this, it has also gained access to Faster Payments, so customers can send funds to accounts outside or within the UK with a “quicker transfer”.
In addition, Monese is offering cash deposits at 11,500 Post Office branches across the UK, and 29,000 PayPoint locations. PayPoint top ups will be available in real-time, while top ups at Post Office locations will appear in accounts the next morning.
According to Monese, this brings its digital service to in-branch facilities for people who prefer to visit a bricks and mortar store in person.
Norris Koppel, CEO and founder of Monese, says its customers called for direct debits and “we are proud that we have been able to respond to their requirement”.
Launched in September 2015, Monese says it has over 65,000 customers and closed its Series A funding round in January 2017, taking total amount raised to $15.8 million.
In an opinion piece, Mulenga Agley, VP of growth, Monese, discussed how financial exclusion is still a reality in the UK.
With so many new entrants trying to muscle into the UK banking sector, Banking Technology has put together a comprehensive list of the known challengers to date and the technology they are using.