Having launched in 2013 and just a few years later in September 2018 closing a $60 Million Series B fundraising, part of which by Avios Group Ltd, I was naturally going to be very curious about fintech app Monese's involvement within the Avios sphere. By their latest estimates there are currently around 800,000 sign-ups, between them transferring around $3 billion each year.
I happen to have already signed up for just about every major fintech app – N26, Bunq, Revolut, Monzo, Transferwise etc., but Monese is the only one that has integration with any frequent flyer programme which makes this very appealing. So I thought I would give it a try.
It took a grand total of 3 minutes to open my accounts which included scanning my passport and doing a video recording to verify that I was a real person. I got both GBP and Euro accounts on the free plan.
There is also an option to link your Avios accounts, which was as easy as entering your BAEC number and password.
Once linked the Avios appears as a separate account, along with my EUR and GBP accounts.
It even listed all my recent flights and Avios correctly.
If you these links to download the Monese app for iOS or Android (must on clicked on via mobile device), then enter referral code POINTS19 you will be given €5 / £5 referral bonus when you use your debit card for the first time.
According to their press release (highlighting my own) there are some further interesting developments coming too:
In the coming months, this service will become even smarter, to help customers get the most out of collecting and spending Avios. For example, Monese customers will earn Avios for referring friends; they will be able to send and receive Avios between Monese customers and link their Monese account cards to Avios in-store offers, to allow for easy and seamless Avios earning while using their Monese card. Further plans include a smart feature (via app push-notifications) that will highlight how and where everyday spending can help customers earn more Avios across hundreds of Avios partner brands.
Now if there are a lot of non-UK in-store Avios partners, this opens up a whole load of opportunities in places which are not so easy to get Iberia or American Express credit cards. I will certainly keep a close eye on this!
I have just looked at this – the review in the App Store do not give me any confidence in opening an account with these people. It looked interesting but far too risky to take a chance. Let us know how you get on
Will do! The reason I have so many apps is to spread the risk. Most of my day-to-day banking is still performed via the traditional high street ones but for things like online purchases I transfer to these fintechs first and then execute. It works especially well for things like online subscriptions where you can switch the CCV security number of virtual cards on the fly.
Monese is by far the best money transfer service I have ever used.