South African and UK based bank Investec has partnered with FinTech startup Monese.
In Brief:
Monese is an alternative banking service aimed at those who are underserved by traditional banks, such as immigrants.
Investec will use Monese’s technology to develop its digital banking service.
The bank will also invest in Monese’s next funding round.
What does this mean?
Investec’s investment and the technology partnership have perhaps been in the running for some time – Moneseis part of the portfolio of OutwardVC, a FinTech venture capital fund that originated from the bank.
Further, Investec will become more involved with the development of Monese, as global head of Investec digital and technology Lyndon Subroyen joins the FinTech’s board.
