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 existing customers.
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 app.
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.