The London-based firm – which provides banking services for migrants and expats across Europe – secured funding from Anthemis Exponential Ventures, fintech investor STE Capital and Korea Investment Partners.
Previous backers SmartCap and Seecamp also invested.
Monese will now use the money to launch European current accounts and introduce new features such as direct debit and credit services.
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Norris Koppel, CEO at Monese, said: “We are incredibly excited to close a heavily oversubscribed funding round with a suite of top investors at our side.”
The mobile app currently enables consumers to open a UK current account, get a contactless debit card and claims to help send money overseas at up to eight times cheaper than traditional banks.
Since launching in September 2015, Monese has gained more than 40,000 customers from over 179 countries.
In total, the firm has helped move £150m through over 1.8 million transactions.
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