Last checked at 
6 Sep 2018 07:00
Augmentum Fintech Plc - Portfolio UpdateAugmentum Fintech Plc - Portfolio Update
PR Newswire
London, September 5
6 September 2018
Augmentum Fintech plc
Augmentum Fintech plc announces £5.3 million investment in Monese
Augmentum Fintech plc (LSE: AUGM) (“Augmentum” or the “Company”), one of Europe’s leading fintech venture capital investors, announces an investment of £5.3 million in UK based fast-growing mobile-only current account provider Monese.
Augmentum is participating in this £46 million Series B fundraising alongside Kinnevik, PayPal and Avios, all of whom are investing in Monese for the first time.
Monese (www.monese.com) launched in September 2015 as the first mobile-only current account in the UK and serves the increasingly mobile European labour market. The majority of its nearly 600,000 customers use Monese as their primary bank account, with 75% of all incoming funds being regular salary payments.
The new funds are being raised by Monese for product development and international expansion, including building-out both the London and Tallinn offices, as well as opening a new office in Portugal as a base for development across Southern Europe.
Tim Levene, CEO of Augmentum Fintech, said: “We look for firms that can disrupt and take market share, and not only is Monese able to do that, it is also able to move fast. Launched only four years ago it is already active in 20 countries which demonstrates the demand for its product from the increasingly mobile European workforce. We believe that this is a market which will continue to grow”.
Ends
For further information, please contact:
| Augmentum Tim Levene Richard Matthews Nigel Szembel | info@augmentum.vc +44 20 3961 5420 +44 (0)7802 362088 |
| Fidante Capital Tom Skinner Nick Donovan | +44 (0)20 7832 0900 |
| Newgate Communications Bob Huxford Robin Tozer | augmentum@newgatecomms.com +44 (0)20 3757 6867 |
This announcement contains inside information for the purposes of Article 7 of the Regulation (EU) No 596/2014 on Market Abuse. Upon the publication of this announcement, this information is considered to be in the public domain.
Notes
About Augmentum Fintech plc:
Augmentum Fintech plc is one of Europe’s leading venture capital investors focusing exclusively on the fintech sector. Augmentum invests in fast growing fintech businesses that are disrupting the banking, insurance, asset management and wider financial services sectors. Augmentum is the only listed fintech-focused venture capital firm in the UK, having launched on the main market of the London Stock Exchange in 2018, giving businesses access to patient capital and support, unrestricted by conventional fund timelines.