What does the latest fintech partnership mean for customers
In our review of digital bank Monese, we praised the
ease-of-use of their service and the competitive rates they offer on currency
conversion and foreign exchange fees. Since its launch in 2015, the service has
continued to grow, add features, and gain positive reviews. At the start of
July 2019, Monese announced their latest venture – a partnership with fintech
giants PayPal. Find out what this means and why it’s so exciting for new and
A Partnership for Expansion
In a recent blog post, Monese announced their partnership with American payments giant PayPal. As uncertainty surrounding Brexit continues to mount, the digital bank is looking to expand its service outside of the UK.
They first forged a relationship with PayPal back in September 2018, when the payments company invested around £48 million in Monese’s Series B round.
Monese already operates in 12 different languages, with over
one million customers. They first forged a relationship with PayPal back in
September 2018, when the payments company invested around £48 million in
Monese’s Series B round.
The collaboration promises to offer, ‘all the freedom of
Monese, with the added scale, speed and security of PayPal.’ The company
recognise that many of their own customers who travel the world also use PayPal
to manage their money.
Monese announced that there will be new features available
to UK customers. This includes:
The ability to link Monese and PayPal accounts,
allowing users to manage PayPal transactions and balances through the Monese
Easily add a Monese card to PayPal digital
wallets. In turn, users can send money and make purchases with PayPal’s 277
million merchants and consumers worldwide.
Select a Monese account as a preferred way to
pay using a PayPal wallet.
According to the announcement, these features are all available immediately for UK customers. European customers will receive the updates over ‘the coming months.’
Easy App Integration
Adding an existing PayPal account to the Monese app is an
incredibly easy process. All users need to do is open the app, clicking on the
‘Account’ button, and selecting ‘Add account’. There’s an option to link
PayPal, and users have to enter their login credentials.
Adding an existing PayPal account to the Monese app is an incredibly easy process.
Once the accounts are linked, customers will be able to make
purchases, transfer funds, and send money to friends.
The Growth of Digital
With Monese eyeing markets outside of the UK and Europe and
PayPal already a global force when it comes to payments, the news of this collaboration
gives further momentum to the digital financial revolution. As customers
increasingly rely on the convenience of app-based and on-the-go banking, it’s
clear to see why Monese and PayPal are so willing to combine their services.