Mobile banking fintech Monese is pressing ahead with a move into credit and lending after acquiring Trezeo.
Trezeo, a specialist financial services provider for the self-employed, is Monese’s first acquisition since its launch in the UK in September 2015.
Dublin- and London-based Trezeo provides credit and lending services to independent and gig workers and the self-employed, a key set of customers for Monese as the fintech expands its product offering beyond basic banking services delivered via a mobile app.
“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,” says Norris Koppel, founder and chief executive officer of Monese.
He continues: “Many of Trezeo’s target customers are our customers: gig workers, side-hustlers, go-getters and all those working towards achieving their dreams. We know these workers are looking for more of a safety net, particularly when it comes to accessing credit.”
“Modern, digital financial services have a great opportunity to serve this ever-growing workforce and help them juggle the pressures and priorities of post-pandemic life”.
Garrett Cassidy, chief executive officer and founder of Trezeo, adds: “This acquisition allows us to continue to deliver our mission, under the Monese brand, to a much bigger audience across Europe. We are two companies that are very closely aligned in mission and purpose. We’re very excited about what we can achieve together.”