To do this, it acquired the self-employed lending platform Trezeo.
UK neobank Monese has acquired Irish fintech platform for entrepreneurs Trezeo. The financial terms of the deal were not disclosed.
Trezeo, a startup founded in 2016, helps UK entrepreneurs and freelancers save money, get loans and get health insurance for £3 a week.
The acquisition will allow Monese to expand its range of services and provide loans to independent workers, according to a press release.
Trezeo is registered as a lender by the UK Financial Conduct Authority (FCA). The platform is sponsored by banks Barclays and Nationwide, as well as Irish startup support program NDRC.
“This is the start of our development in lending and expanding our services to self-employed and self-employed, which will significantly expand our range of services to existing clients,” said Norris Koppel, founder and CEO of Monese.
As part of the deal, Trezeo founder Garrett Cassidy will join Monese’s leadership team to focus on credit strategy. Startup CTO Flavienne Charlon will head Monese’s credit technology department.
The number of self-employed in the UK has reached 5 million, according to the IPSE Entrepreneurs Association. According to CNBC, in 2019, the UK’s entrepreneurial growth rate was second only to the United States.
Financial institutions are increasingly paying attention to the entrepreneur. For example, in August, PayPal America and Fiserv launched a service for b2c transactions. Now users of Fiserv’s Carat enterprise app can transfer money to individual accounts on PayPal and Venmo.
Read also: Tinkoff’s business clients will be able to automate payments for the self-employed.