Moneco
Moneco is a fintech company focused on serving migrant communities in Europe, particularly the African diaspora, by offering financial services such as current accounts, payment cards, and free remittances.
Company Overview
Moneco is a fintech company that operates in the banking and exchange sub-industry. Headquartered in Paris, Île-de-France, France, the company also has locations in Cotonou, Littoral Department, Benin, and Dakar, Dakar Region, Senegal. Moneco maintains a fully remote workforce, with a team size of 8. Launched on June 5, 2022, Moneco is part of the Y Combinator S22 batch.
Services
Moneco offers several key financial services including a current account, an international Visa payment card, and free remittances. The company's platform allows for transfers throughout Europe or between Moneco users. Security and reliability are prioritized, with funds guaranteed up to €100,000 through a fund segregation mechanism. Moneco also provides detailed information on immigration procedures for those settling in France along with a Welcome Pack that offers selected partners and discounts.
Target Market
Moneco targets migrant communities in Europe, with a particular focus on the African diaspora. The company aims to be a one-stop-shop for all financial needs of this demographic, offering tailored financial solutions and support services. Their services are currently available in Paris, Île-de-France, France; Cotonou, Littoral Department, Benin; Dakar, Dakar Region, Senegal; and remotely.
Security Measures
Moneco ensures high levels of security and reliability through advanced technologies for identity verification and end-to-end encryption. The company uses industry-tested solutions to protect accounts and cards and complies with data protection regulations. Moneco is registered with ACPR as a payment service agent of Xpollens, part of the BPCE Group, and partners with Banque Populaire and Caisse d'Epargne to offer its services.
Partnerships and Support
Moneco benefits from support by Y Combinator, a renowned startup incubator. The company has formed strategic partnerships with Banque Populaire and Caisse d'Epargne to provide its financial services. Additionally, Moneco is a registered payment service agent of Xpollens, which is part of the BPCE Group, ensuring robust financial backing and trustworthiness.