Korea Investment Partners Co., a venture capital under Korea Investment Holdings, is teaming up with British counterparts to invest in a U.K. fintech startup to capitalize on the booming cyber banking market in U.K.
According to the investment banking industry Sunday, Korea Investment Partners is creating a 12 billion won (£8.05 million) fund with three venture capital firms in the U.K. to invest in London-based internet bank Monese.
Founded in 2013, Monese provides mobile-only and instant-open current account services at one-fifth of the fees charged by the traditional brick-and-mortar banks.
With the Monese app, customers from all over Europe can open a U.K. current account within minutes without having to worry about the usual credit and residency checks.
Transactions reached 100 million euros (£122.89 million) a year after the launch of full-fledged service in September 2015. Monthly transaction of Monese averaged 1 million. It quickly built credentials with its excellent technology in big data applications and security reliability. It received 1.1 million euros (£0.94 million) funding from the European Commission for research and innovation.
The investment likely will lead up to strategic partnership with Kakao Bank, Korea’s first Internet-only bank where Korea Investment Holdings is the largest shareholder with a 54 per cent stake.
This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.