When Norris Koppel, 41, moved to the UK from Estonia with no credit history or utility bills proving his address, he was unable to open a bank account, leading to difficulties receiving his salary and renting an apartment. This frustrating experience led him to set up Monese, a smartphone-only banking service that allows users to sign up for a UK or European current account in two minutes without an address. Tapping into Europe’s internationally mobile society, the app, which is available in 11 languages, has more than 650,000 account holders and has since expanded into 20 countries internationally, opening offices in Tallinn, Lisbon and Berlin; and it recently also launched a business account. In September, investors including PayPal, and venture capital firms Kinnevik and Augmentum, which have backed Babylon Health and Zopa respectively, took part in a $60m round to support the hiring of a further 100 staff.
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