Monisnap, a company specializing in money transfers to emerging countries, has raised €10 million in a recent funding round led by Serena, Evolem, Truffle Capital, and Notus Technologies. 2CFinance acted as Monisnap's part-time CFO during its financial due diligence.
Founded in 2017 by Raphaël Rivière, Jean-Baptiste Bouvier, and Jonathan Brossard, Monisnap has developed an application that allows easy transfer of funds to the unbanked population of emerging countries. The company has over 200,000 users and more than 100,000 local partners in over 100 countries.
With the new funding, Monisnap plans to expand to three new countries and recruit new talent. The start-up also plans to increase its B2B offerings.
Serena, a venture capital firm, led the funding round. The company focuses on investing in European technology start-ups in the early stage of development. Evolem, a private equity firm, invests in small and medium-sized businesses in France. Truffle Capital, a venture capital firm specializing in disruptive technology, has invested in over 70 companies since its inception in 2001. Notus Technologies, an investment firm, focuses on the IT and software sectors.
This latest funding round is expected to help Monisnap further develop its platform and expand its reach in emerging countries. The company's innovative approach to money transfers has the potential to make a significant impact on the lives of people in these regions, where traditional banking services are often not available.