# MONESE SHOWS SIGNIFICANT GROWTH ON TRACK FOR £1BILLION WORTH OF TRANSACTIONS PER YEAR AND 1,000 ACCOUNTS OPENING DAILY
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2017-11-30
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Monese Reveals Strong Growth nearing £1Bn in Annual
Meta Description: Monese's instant mobile current accounts see over 20% monthly transaction growth, on track to hit £1Bn in annual transactions. Join thousands opening
URL: https://financedigest.com/monese-shows-significant-growth-on-track-for-1billion-worth-of-transactions-per-year-and-1000-accounts-opening-dailyhtml

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Monese, the provider of instant mobile current accounts, has revealed new figures that show strong growth as the company nears £1Bn worth of annual transactions, following its Eurozone account launch in September.

Since Eurozone accounts opened, customers have been free to move anywhere in the Eurozone and the UK, safe in the knowledge that their local bank account will be accessible and usable consistently via the app in any one of eight languages.

Two months on from launch, Monese is sharing the following update on its growth metrics:

- On track to do over £1Bn in annual transactions
- Transactions are growing over 20% month-on-month
- On track to reach 1 million [monthly transactions in December](https://www.financedigest.com/spains-12-month-inflation-slows-down-again-in-december-to-5-8.html "Spain’s 12-month inflation slows down again in December to 5.8%")
- Over 200,000 Monese accounts have been opened, adding over 1,000 per day
- Over 70% of active customers use Monese as a primary [bank account](https://www.financedigest.com/lebanese-bank-closes-over-30-british-held-accounts-after-uk-ruling-depositors-group.html "Lebanese bank closes over 30 British-held accounts after UK ruling-depositors’ group") to receive their salaries
- Active customers making at least one transaction each day
- Recently updated their “bank-grade” KYC (Know Your Customer) [system using its proprietary technology](https://www.financedigest.com/product-innovations-and-advancements-in-technology-to-boost-automotive-ignition-system-market-growth.html "Product Innovations and Advancements in Technology to Boost Automotive Ignition System Market Growth") which has seen a significant increase in the number of fully automatically verified customers
- Rated 5-Star on TrustPilot, the [Apple](https://www.financedigest.com/apple-given-fourth-dutch-fine-in-app-store-dispute.html "Apple given fourth Dutch fine in App Store dispute") Store and Google Play Store

**Norris Koppel, Founder and CEO of Monese, commented:** “2017 has proven to be a momentous year for Monese. We’ve [launched in 20 countries](https://www.financedigest.com/g7-launches-climate-shield-fund-some-countries-wary.html "G7 launches climate ‘Shield’ fund, some countries wary"), we are now serving our customers in eight languages, we’ve improved our KYC technology, and now we’re seeing the results of this effort from our team. We are also seeing exceptional [growth in gross margins and strong](https://www.financedigest.com/lego-posts-strong-growth-on-robust-demand-new-store-openings.html "Lego posts strong growth on robust demand, new store openings") unit economics.”

**Koppel continued:** “We’re on a mission to provide a helpful [service to a lot of people who struggle with traditional banks because of their outdated paper-based processes and tech](https://www.financedigest.com/financial-services-tech-tools-to-foster-innovation.html "Financial Services: tech tools to foster innovation") limitations. Empowering more people to easily bank like a local at home or abroad – wherever they decide to live. Now we’re seeing big benefits to the company from making this mission a reality, putting us in a strong position for further [growth next](https://www.financedigest.com/sales-of-moissanite-market-to-register-stellar-growth-in-the-next-10-years.html "Sales of Moissanite Market to Register Stellar Growth in the Next 10 Years") year.”

Monese [launched in September 2015 and was the first 100 percent mobile bank](https://www.financedigest.com/exclusive-china-regulator-launches-new-probe-into-banks-property-loan-exposure-sources.html "Exclusive-China regulator launches new probe into banks’ property loan exposure – sources") account in the UK. In order to join, users download the app and use it to take a video selfie, providing a snap of their passport or national ID, alongside some basic profile information. The team is based in London and Tallinn, Estonia, and since closing a Series A round last year, has grown to a team size of 90.


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