“Can a license-light EMI-agent neobank for expats survive consolidation by integrating into Pockit's broader underbanked-consumer financial OS?”
Monese launched in 2015 as one of the first UK challenger banks targeting expats and EU residents who struggled to open accounts at incumbents. It never obtained its own banking license, instead operating as an EMI-agent of PrePay Technologies (UK) and PPS EU (Belgium). After struggling to reach profitability, Monese pivoted in 2023 by spinning out XYB, a B2B coreless BaaS platform. Following continued financial pressure, it was acquired by Pockit in Q4 2024 and has since adopted Pockit's product playbook — notably the SteadyPay-powered Income/Cash Advance product.