Avios invests in online banking app Monese – what is its plan?

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On Monday I published a mini-rant about the bloated state of the UK credit card industry.  As part of that, I asked why investors were pouring vast sums into online current account start-ups (Monzo, Revolut, Starling etc) when such products have never made money even for legacy banks.

On the other hand, few start-ups are pushing into UK credit cards which have historically been hugely profitable.

A reader pointed out to me that Avios Group recently invested in Monese as part of a $60m funding round – see here.

Avios and Monese

If you’ve never heard of Monese, it is like Revolut, Starling or Monzo but aimed at people who are new to a country and would otherwise struggle to meet the checks required to open a traditional bank account.

You can open a Monese account in various European countries, including the UK, simply by uploading a scan of your passport.  Monese is, of course, also happy to open an account for you if you are living and working in your home country.  If you are reading this on a tablet or mobile, you can click here to download the Monese app and have your account open within minutes.

I am assuming that Avios has a plan for Monese – we need to see what develops over the next few months.

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  1. Tom Morris says:

    All though I have never earned Marriott rewards I have a rewards account but it has zero balance, could I buy the 45000 points and then use the purchased points to book one of the above packages? Any body had any experience of this ?

    • No practical reason why not, as long as there is no rule on accounts being ‘active’ before you can buy. Long term, easier to get the Starwood Amex and pick up 30,000 points as a sign up bonus.

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