Monese said Trezeo will be part of its push into credit and lending services, and help with an ‘aggressive’ Irish expansion.
UK fintech player Monese plans to accelerate the expansion of its money app in Ireland after acquiring Dublin-based Trezeo.
The acquisition is expected to close before the end of the year and financial terms of the deal were not revealed.
Trezeo provides financial services for independent and self-employed workers. It aims to provide greater financial stability for these workers by spreading out their income and offering protection products, in exchange for a weekly subscription.
The Irish fintech was founded in 2016 by Garrett Cassidy and Flavien Charlon, and now has offices in Dublin and London. It received authorisation from the UK’s Financial Conduct Authority in 2018 and has been backed by partners including the NDRC.
This is Monese’s first acquisition and the company said it is part of a wider push into the European fintech sector as it looks to expand its products and services.
Along the lines of Revolut and Monzo, the London-based start-up has already developed a mobile money management app with features for payments, savings and transfers.
Its platform was launched in 2015 and the company raised $90m in its most recent funding round, led by Investec, bringing its total raised to date to $162m.
Monese said that Trezeo will be an “integral part” of its push into credit and lending services for independent and self-employed workers or those with untraditional work patterns.
It is also planning an “aggressive roadmap of launches” in Ireland. In the coming months, the company said customers will be able to use Paysafecash to top up their Monese accounts at 3,100 locations around Ireland. It is also planning to launch bills and purchase protection features across Europe, including Ireland, in the second half of 2022.
“This is the start of us moving further into credit and lending and broadening our services for independent and self-employed workers, which will significantly enhance our offering to our existing customers,” said Norris Koppel, founder and CEO of Monese.
“We’re also very excited to be bringing Monese to more people in Ireland and offering consumers greater choice as two national account providers close the door to over a million customers,” he added, referring to the market exits of KBC and Ulster Bank.
Monese will now have a workforce in Ireland as Trezeo’s Dublin-based team is joining the company. Cassidy will join Monese’s leadership team and lead its credit strategy, while Charlon will lead credit technology at the company.
“We started Trezeo five years ago with the ambition to serve the independent and self-employed workers who power towns and cities. We have since developed a totally unique financial services platform for this rapidly growing workforce,” Cassidy said.
“This acquisition allows us to continue to deliver our mission, under the Monese brand, to a much bigger audience across Europe.”
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