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Monisnap, a remittance fintech company, has raised $11.8 million in a fresh round of funding. The funds will be used to expand the company’s global client base, quadruple its technical staff, strengthen its B2B service, and improve its mobile money product. Currently, the Monisnap platform is used by over 200,000 people to send money to developing countries through over 100,000 local partners in over 100 countries.
Monisnap, a fintech company providing remittance services, has raised €10 million (approx. USD 11.8 million) in a funding round. The round had participation from Serena and other existing investors.
Monisnap aims to use today’s investment round to enhance its position in four key areas: expanding its global client base, doubling its technical staff, developing its B2B offering, and strengthening its mobile money offering.
“We are delighted to welcome Serena, and we thank our historical investors for their renewed support. This fundraising will allow us to pursue Monisnap’s goal: create the easiest and the most secured money transfer service for diasporas while ensuring the lowest costs. This new funding will help us strengthen our existing solutions and bring our services to millions of additional customers worldwide, thus promoting financial inclusion in many countries.”Raphaël Rivière, CEO of Monisnap
Monisnap was founded in 2017 to provide a wide range of financial services to diaspora groups across Europe who want to aid their unbanked relatives. The firm offers one of the fastest and cheapest mobile money services on the market, allowing customers to send money to relatives’ cell phones in 150 countries in under three minutes, with rates that are around three times lower than those imposed by traditional banks.
Currently, over 200,000 people utilize the Monisnap platform to send money to developing nations via over 100,000 local partners in over 100 countries. Monisnap launched its Mobile Money service in the UK in February, targeting diasporas from West Africa, the Middle East, and Asia due to rapid client growth.
“The international money transfer market is undergoing profound changes, in particular with the rise of mobile money in emerging countries. 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. We were impressed by the team’s vision and ability to execute and are excited to participate in this round of funding to build a major global player in the industry.”Sébastien Le Roy, investment director at Serena, added
Aside from its “Mobile Money” service, the firm also provides a ready-to-use money platform to various B2B partners. Neo-banks, such as Nickel, or different fintech firms, can provide their current clientele a wholly safe and smoothly integrated international money transfer service while providing the greatest user experience possible.
Monisnap has increased its transaction volume 40 times since its latest €2.5 million (approx USD 2.9 million) round in April 2019 from Truffle Capital, Evolem, and Notus Technologies. Despite the health crisis, the fintech expanded into two European nations and created a B2B solution.
“International money transfers represent almost $600 billion per year. Unfortunately, the historical players offer a disappointing experience (negative NPS) as they charge high fees for cash withdrawal services. With a mobile phone penetration rate of over 90%, the advent of mobile money seems inevitable. Monisnap intends to be a major player in this transition.”Thomas Rival, partner at Evolem
“We are thrilled to participate in this new round of financing and to support Monisnap’s international development. In just three years, Monisnap has developed an unrivaled digital remittance service. The key to this success? A mobile-first service that is faster, simpler, and cheaper than the competition. Today, we are convinced this French money transfer champion has everything it takes to become a world leader in this sector.”Bernard-Louis Roques, Co-founder and a general partner of Truffle Capital
Monisnap has created a mobile app to ease money transfers while lowering costs, as digitalization in emerging nations coincides with smartphone growth. Monisnap plans to expand its mobile solution in the following months, focusing on West Africa and the Maghreb.