Europe’s Monese, which touts itself as a mobile-first, multi-lingual, transnational provider of consumer and business banking services that operates in 31 countries using 14 languages, is adopting Thought Machine’s cloud banking platform, the companies announced on Monday (Oct. 5).
The platform is called Vault.
“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,” Monese CEO Norris Koppel said in a prepared statement. “By adopting Vault, we unlock new possibilities to deliver a seamless banking experience that will inevitably help us reach more customers.”
Thought Machine CEO Paul Taylor said: “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 [that] 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.”
Monese will migrate existing European and U.K. account holders to the Thought Machine platform, the companies stated in Monday’s announcement.
Koppel founded Monese in 2015. The company states in promotional materials that its main differentiators from rivals include transaction speed, the lack of a physical address requirement for account-holders and other features, “giving people the freedom to thrive anywhere.”
Taylor, a former Google engineer, founded Thought Machine in 2014. The company has 400 employees in London and Singapore. It lists its customers as including Lloyds Banking Group, SEB, Standard Chartered and Atom Bank. In March, the company raised $83 million in a Series B funding round led by Draper Esprit.