Monneo triples customers as demand for digital banking solution soars
Further to significant inward investment, including a major rebrand, several key partnership announcements, a landmark deal with cryptocurrency exchange Coinbase, and the and the completion of agreements with several card acquirers – Monneo continues to go from strength to strength.
In addition, the entirely self-funded business has recently opened a new office in Sofia, Bulgaria, providing the company with extra capacity to deal with the continued demand for its services and sustained growth in its customer base. The new office space will also be used to support Monneo’s new card acquiring service for online merchants.
Through the launch of this new card acquiring service, Monneo can now offer a true end-to-end solution for eCommerce merchants. Customers can use the company’s solutions to process online payments, receive settlements, transact and pay out, whilst still maintaining control of multiple IBAN accounts and merchant accounts at several different banks all through a single platform/API.
Whereas many alternative systems focus solely on providing either an ‘Open Banking’ or card acquiring service, Monneo’s solution can handle both tasks and therefore represents a far superior choice for customers.
Alongside this, the business continues to expand its online platform to facilitate the management of IBAN accounts and to provide access to leading European and International banks, all within a transparent and FCA regulated, digital banking network.
Over the past year, Monneo has also worked to expand its existing banking network to provide greater stability and diversity for its clients. The company is now connected to nine trusted banks, with another three expected in the next few months.
With Monneo, eCommerce merchants can accept card payments on their websites, receive settlements in the provided IBAN accounts and make incoming and outgoing bank transfers to third parties around the world in 134 currencies. The solution also enables B2B invoices to be paid in an extensive range of cryptocurrencies.
Speaking on the company’s performance in 2021, Lili Metodieva, managing director of Monneo commented: “We’re all proud of what has been achieved this year and look forward to building on that success in 2022. As a company, we’ve witnessed an almost doubling of our team and a trebling of our customer base in the past year.
“Customers are already benefitting from an expanded array of financial institutions included in our network, as well as the launch of our card processing service and our new partnership with Coinbase. Only with Monneo do customers have access to multiple banking accounts and several card acquiring services all through a single platform.
“We remain committed to our customers and will continue to provide access to a digital banking network that supports eCommerce B2B IBAN accounts
“The current banking set up isn’t suited to the demands of modern ecommerce businesses. There remains a lack of understanding of what online businesses need and too much fragmentation across the market. Our solution helps to put an end to that, delivering a more reactive and responsive alternative.”
The company’s continued success isn’t going unnoticed in the broader payments industry. To this end, Monneo was recently shortlisted for three prizes at the upcoming ‘Cards & Payments Awards’. The company received nominations in the ‘Best Industry Innovation’, ‘Best Payments Industry Newcomers’ and ‘Best Service to Business’ categories.