By Oliver Smith on Tuesday 21 December 2021
CEO Norris Koppel says it’s part of a broader push into credit and lending.
Digital banking service Monese has agreed its first takeover, snapping up Trezo, a fintech that offers a subscription-based income smoothing product for self-employed workers.
Aimed at gig workers, Trezo operates a membership model that also includes personal accident insurance and income advances.
Monese CEO and founder Norris Koppel said the deal, which is for an undisclosed amount, is part of a larger shift towards offering credit and lending for consumers with “untraditional working and income patterns”.
“Many of Trezeo’s target customers are our customers: gig workers, side-hustlers, go-getters, and all those working towards achieving their dreams,” he said.
“Modern, digital financial services have a great opportunity to serve this ever-growingg workforce and help them juggle the pressures and priorities of post-pandemic life.”
As part of the acquisition, Trezo’s Dublin-based team will come to work for Monese, giving the fintech a greater focus on the Irish market.
Trezo’s CEO and co-founder Garrett Cassidy will come to lead credit strategy at Monese and be part of the leadership team, while its CTO Flavien Charlon will come to lead credit technology.
“We started Trezeo five years ago with the ambition to serve the independent and self-employed workers who power towns and cities,” said Cassidy.
“This acquisition allows us to continue to deliver our mission, under the Monese brand, to a much bigger audience across Europe. We are two companies that are very closely aligned in mission and purpose. We’re very excited about what we can achieve together.”
In September, Monese launched Bill Protection, a new insurance safety net that covers regular bill payments for customers of its £1.95/month Essentials plan, powered by insurtech Qover.
Monese had a tough 2020 as Covid struck and it was forced to layoff staff, however 2021 has been far more fruitful with a $90m Series C led by Investec and a major push into banking-as-a-service.
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