- Monese to migrate European and UK account holders onto Thought Machine’s core banking platform
- Thought Machine’s modern core banking technology combined with Monese’s mobile-first approach will unlock new features and capabilities for millions of customers
LONDON and SINGAPORE, Oct. 5, 2020 /PRNewswire/ — Monese, the popular pan-European banking service that provides instant and localised mobile money accounts in 31 countries, today announces it will adopt Thought Machine’s cloud native core banking platform Vault. Monese, which provides accounts to both consumers and businesses, will migrate its existing customer base onto Thought Machine’s cloud native platform, as it focuses on strengthening the company’s core technology platform and its banking infrastructure.
Vault’s unique product building toolkit, known as Smart Contracts, empowers banks and fintech companies to build new products rapidly while radically improving the onboarding and ongoing customer experience. This is in stark contrast to banks who are constrained by inflexible legacy technology. Vault will provide Monese with the cloud technology foundation required to deliver pioneering customer experiences at speed, and enhanced resilience for millions of its customers.
This partnership brings together two fintech companies with a shared vision for the future of financial services and a deep passion for engineering excellence in product development. Founded in 2014 by former Google engineer Paul Taylor, Thought Machine brings truly cloud native technology to core banking. Thought Machine names Lloyds Banking Group, Atom, SEB and Standard Chartered as clients and users of its platform, Vault.
Monese was launched in 2015 by entrepreneur Norris Koppel after his first-hand experience of the hassle involved with opening a bank account in a new country. With its mobile money accounts, portability across 31 countries, and its availability in 14 languages, Monese is instant, on-demand and financially inclusive. Its UK and European accounts will be powered by Vault to enable faster product delivery, greater resilience and a more seamless banking experience for new and existing customers.
Norris Koppel, CEO at Monese, comments: “At Monese, our goal is to provide truly modern portable banking services so customers have the freedom to thrive wherever they are in the world. By adopting Vault, we unlock new possibilities to deliver a seamless banking experience that will inevitably help us reach more customers.”
Paul Taylor, CEO at Thought Machine, adds: “The most ambitious, and most dominant technology companies, all run their systems entirely in the cloud. Monese has now joined an elite group of financial services companies which deliver innovation, security, and resilience to its customers, at scale. Vault’s hyper flexible core banking platform enables its clients to build and deliver banking services exactly as they want. We are excited to see Monese deliver on its vision of financial freedom using our truly cloud native platform.”
About Thought Machine
Thought Machine was founded in 2014 with a mission to enable banks to deploy modern systems and move away from the legacy IT platforms that plague the banking industry. We do this through our cloud native core banking platform, Vault. This next generation system has been written from scratch as an entirely cloud native platform. It does not contain a single line of code which is legacy, or pre-cloud.
Founded by entrepreneur Paul Taylor, Thought Machine’s customers include Lloyds Banking Group, SEB, Standard Chartered and Atom bank. We are currently a team of more than 350 people spread across offices in London and Singapore and have raised more than GBP110m in funding from Eurazeo Growth, Draper Esprit, SEB, British Patient Capital, IQ Capital, Playfair Capital, Lloyds Banking Group and Backed.
Monese is one of the most popular and trusted pan-European banking services that provides instant and portable mobile money accounts. Launched in 2015 by entrepreneur Norris Koppel, after his first-hand experience of the hassle involved with opening a bank account in a new country, Monese is working towards giving people the freedom to thrive anywhere.
With its multi-currency accounts, its portability across 31 countries, and availability in 14 languages, Monese allows people and businesses to bank like a local across the UK and Europe.
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