According to the World Bank Group, approximately 1.7 billion people, or roughly 22% of the global population do not have a bank account. When you narrow that number down to emerging populations, the figure jumps as high as 75% in some cases. With these numbers front and centre, it’s not hard to see why sending money back home, or remittances as the process is formerly known, make up as much as 28.4% of the GDP in some parts of the world.
Founded in 2017 with the goal of providing a full-featured set of financial services to those that seek to remit money back to their relatives, Monisnap has raised €10 million from Serena and a number of undisclosed existing investors. To date, the startup has raised €12.5 million.
In addition to providing the ability to instantly send money to relatives via a mobile phone in 150 countries, Monisnap claims to have fees three times cheaper than those charged by traditional players in the space, thus making them the fastest and cheapest in the market.
The startup currently works with approximately 100,000 local partners in over 100 countries, servicing some 200,000+ customers. Based on this successful track record in France and Spain, Monisnap opened shop in the UK in early 2021 and has specifically targeted services offered towards West Africa, Middle East, and Asia.
With the new funding Monisnap is planning on entering 3 new markets within the next 18 months, double the size of its engineering team, strengthen its mobile money offer, and fleshing out a B2B service.
“Monisnap is taking a unique position in this market. In a few months, they have enabled more than 200,000 people to make transfers to unbanked countries. Their modular architecture allows them to offer this financial service to B2B players such as neo banks,” commented Serena’s Sébastien Le Roy.