Initially, the partnership will allow customers to easily manage and use their Monese and PayPal accounts together.
With the partnership, the bank’s customers will be benefited from several features that will make it simple to manage their PayPal account through Monese app and use it in their PayPal digital wallet to pay online, on mobile and in app.
Furthermore, the collaboration will allow Monese customers to add their Monese card to their PayPal digital wallet, allowing them to send money to and buy from PayPal’s 277 million consumers and merchant locations across the world.
Customers can also select Monese as their preferred way to pay within PayPal wallet.
Additionally, they can manage their PayPal balance and transaction history on the bank’s mobile app, enabling its customers to manage money in their PayPal account, alongside their other finances and payments, from within the app.
Presently, the features will be available for Monese personal account customers in the UK. They will be introduced to rest of the challenger bank’s customers in the European Union in the coming months.
Monese CEO and founder Norris Koppel said: “We are delighted to make it easier for our customers to connect to PayPal, wherever they may be in the world. We serve a fast-growing and incredibly international audience who travel the world for study, work, family, or retirement, and are avid PayPal users.
“These customers increasingly expect the financial freedom to thrive anywhere. Through our partnership with PayPal, our customers will have greater choice and more access to doing business around the world.”
PayPal global markets and partnerships vice president Jennifer Marriner said: “This partnership furthers our mission to democratise financial services. We work with innovators like Monese, so people outside the traditional financial system can use our tools to thrive in the global economy.
“Many of Monese’s customers use it as a primary financial account and we look forward to serving them on our platform as we continue to partner on new services and experiences.”
In September 2018, the UK-based challenger bank secured $60m (£47.8m) in Series B funding to support product development and international expansion. The funding round was led by Kinnevik, PayPal, Augmentum Fintech and International Airlines Group.
