Monito, a Lausanne, Switzerland-based international money transfer comparison service, has raised $2.5 million in Series A funding led by private media group Tamedia. B&Y Venture Partners and Alexandre Gonthier also participated in this round.
“We’re extremely grateful and excited by the support received from historic investors, and are looking forward to welcoming new investors joining us on our journey to make the money transfer industry more transparent for the better,” said Monito CEO and co-founder François Briod in a statement. “We’re very much looking forward to collaborating with Tamedia, and – among other things – benefitting from their strong expertise in digital marketing and growing online marketplaces.”
Photo Credit: Monito
Essentially Monito helps individuals and businesses discover, compare, and review the best money transfer providers based on their needs out of hundreds of available options across more than 190 countries. The service has been used by millions of people from all over the world and the company currently has 7 employees.
With this round of funding, Monito plans to use the funding to extend its international audience and raise awareness of the potential savings of comparing money transfer fees. Monito is also going to hire new software engineers, designers, and digital marketers. And the company is going to boost its expansion.
“Following our investment in the blockchain-based Lykke marketplace, Monito is another addition to our fintech portfolio. As a company, we intend to learn more in this area, and I’m already looking forward to exchanging ideas with the highly experienced Monito start-up team,” added Tamedia’s Member of the Management Board and Head of the Technology & Ventures Division Samuel Hügli.