Monese and Mastercard enter strategic partnership to better serve the underbanked across Europe

The two firms have teamed up to provide better financial services to those relying on the gig economy, the self-employed and those living abroad.

Digital banking provider Monese has today revealed a strategic partnership with global payments giant Mastercard to enhance local banking across Europe. 

The two companies are hoping to better serve the underbanked through the collaboration by providing greater access to banking services and electronic payments. 

As part of the partnership, Monese will become a principal Mastercard issuer, joining the likes of Tide and Curve, giving its customers access to Mastercard’s extensive payment network. 

Norris Koppel, founder and CEO of Monese, said: “This significant deal further develops an ambitious localisation strategy we have been pursuing for a number of years and positions us well for the next stage of our growth in the UK and European markets.” 

“We are committed to delivering more local experiences for our customers across multiple European markets, as well as making it easier for those who have previously been underserved by traditional banks to manage their money.” 

According to the digital banking service, many of its customers rely on the gig economy, are self-employed or living abroad and, therefore, not as well-served as other banking clients. 

Mark Barnett, European president of Mastercard, added “Mastercard has an ongoing commitment to bringing the underserved into the digital and financial economy and to that end we are delighted to be the partner of choice of partners like Monese.” 

“As we build on our partnership, we look forward to bringing more people into the financial system as Monese continues to increase its presence and offering across Europe.” 

Monese’s multi-currency accounts are now available in 31 countries across Europe.  

The fintech offers local International Bank Account Numbers (IBAN) across Europe, making it easier for its customers living abroad to do local transactions, such as receiving their salaries as foreign IBANs are not always accepted by employers.