| Monisnap, a French-based fintech providing remittance services, announces a $11.85 USD funding from Serena and existing investors. The newly secured funding will support Monisap to expand its B2B offer, further develop its Mobile Money service, and support its geographic expansion. |
| Since 75% of the emerging population do not have a bank account, former Google and Groupon employees wanted to feature a full-digital cross-border money transfer solution. On average, remittances account for 10% of the GDP in emerging economies and play a significant role in the economic development of these regions, leveraged through easier access to financial services. |
| Created in 2017, Monisnap offers a large set of financial services to diaspora communities living in Europe eager to help their unbanked relatives. The company provides the fastest and cheapest Mobile Money service in the market: Monisnap’s clients can instantly send money to their relatives’ cell phones in 150 countries, with fees about three times cheaper than those charged by traditional players. Currently, more than 200,000 people use the Monisnap platform to send cash to emerging countries through more than 100,000 local partners in over 100 countries. On the back of strong customer growth, Monisnap entered the UK last February to provide communities settled in the country with its reliable and easy-to-use Mobile Money service, targeting diasporas from West Africa, Middle East, and Asia.
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| Monisnap opened in the UK in early 2021 to offer its mobile money service to English-speaking diasporas |
| In addition to its Mobile Money service, the company also offers a ready-to-use money platform to numerous B2B partners. Neo-banks, such as Nickel, or various fintech players, can provide their existing clients with an international money transfers service, fully secured and seamlessly integrated, while offering the best user experience possible. |
| Monisnap includes a turnkey international money transfer service in the Nickel application, in partnership with the Ria distribution network |
| Since its last €2.5m round in April 2019 from Truffle Capital, Evolem and Notus Technologies, Monisnap multiplied its transaction volume by 40. Despite the health crisis, the fintech also deployed in 2 countries in Europe and developed its solution on the B2B market.Monisnap announces today a €10m investment from Serena and its historical investors to drive its next phase of growth. With today’s funding round, Monisnap plans to consolidate its position in 4 main areas: |
| – Expand its customer base worldwide |
| After France, Spain, and the UK, Monisnap wants to expand to 3 other countries in the 18 following months to extend its geographical reach. |
| – Double the engineering team |
| Monisnap wants to develop its R&D department and its platform’s performance, to make it usable by several million users at the same time. |
| – Develop the B2B offer |
| Monisnap offers a turnkey solution to all players who want to provide a money transfers service to their end customers. For example, Uber and Nickel – the leading French neo-bank – are already using the Monisnap platform for their clients and drivers, and new B2B partnerships will be launched. |
| – Strengthen its mobile money offer |
| As digitalization in emerging economies pairs with smartphone adoption, Monisnap has designed a mobile app to simplify money transfers while reducing costs. Monisnap will further develop its mobile solution in the months to come while targeting West Africa and the Maghreb.
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| Raphaël Rivière, CEO of Monisnap, declares: |
| “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.” |
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Sébastien Le Roy, Investment Director at Serena, adds: |
| “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. “ |
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Geoffroy Roux de Bézieux, Chairman of Notus Technologies, adds: |
| “As it gives the sender the security of the correct use by the final users, thanks to the target of the funds, and as it encompasses a large range of financial products for diasporas, mobile money seems to be the future of remittance.” |
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Thomas Rival, Partner at Evolem, adds: |
| “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.” |
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Bernard-Louis Roques, Co-founder and Managing Director of Truffle Capital, adds: |
| “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. “ |
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