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Monkee is an application that allows its users to improve their own financial habits and achieve individual savings goals. Combine savings and refund features. Now, the Tyrolean startup reports a high six-figure investment.
Monkee has grown a lot
The company founded by Tyrolese Martin Granig and Christian Schneider in 2018 has grown strongly over the past year. The platform will be further expanded in the future and the growth of clients in neighboring countries will be further promoted.
Savings deposits tripled in the pandemic
“During the pandemic, monthly savings per user almost tripled. For us, this is a clear indication that awareness of our own needs, but also of our own resources, is becoming increasingly important. Conscious consumption and financial health are more important than ever, “says Martin Granig, Co-founder by Monkee.
The investment round was led by the syndicated fund of the European Super Angels Club (ESAC) and also participated by the existing investor, V / G Ventures of Switzerland.
Follow-up investment this year?
Berthold Bauk-Karlic, Founder of Venionaire Capital and President of ESAC explains: “The product, the team and the recent successes have convinced us. We see great potential for FinTech Monkee beyond the pandemic and will support the founders in more equity rounds. If the strong growth continues, we consider a follow-up investment realistic this year. “
Monkee is not a Challenger bank
Monkee wants to differentiate itself from Challenger banks or other budget apps in terms of app functionality. For example, the digital incentives implemented in the application, the so-called “nudges”, directly help users to develop a more sustainable way of managing money.
Additionally, a new “FutureBoost” feature was introduced in the summer to do justice to consumer behavior that changed during the crisis. The “FutureBoost” is based on well-known cash back models and helps users to consume consciously and never stop saving, according to Asssendung.
Expand offer in times of crisis
“The increase in online shopping during the corona pandemic inspired us to expand the existing range and include additional partners from the field of common consumer goods,” says Christian Schneider, co-founder of Monkee.
Bonus of up to ten percent at Monkee
Specifically: Your own Monkee Savings Account is credited with a bonus of up to ten percent for set savings goals. According to Schneider, the feature helped the startup succeed in crisis year 2020, as new user pools were suddenly won over and retained for the long term.
Future Boost for conscious consumption
“We are very pleased to have been able to offer our users added value that brings them closer to their savings goals more quickly,” says Schneider. “While customers are upset about negative interest rates at their in-house bank, our users receive cash in their savings accounts through ‘FutureBoost’ for their conscious consumption.”
