Monese Acquires ‘Income Smoothing’ Firm Trezeo

U.K. challenger bank Monese has acquired Trezeo, a financial services provider for self-employed workers.

The London-based company announced the acquisition — its first — on its website, saying it was part of a “wider push into credit and lending for independent, self-employed workers and those with untraditional lives and work.”

Trezeo, which has offices in Dublin and London, offers “subscription-based income smoothing and a digital financial safety net” for independent workers, gig workers and the self-employed, Monese said in its announcement.

Read more: FinTech Startups Take Advantage Of Talent Pool In Dublin

As we noted in our profile of Trezeo in 2018, the firm calculates how much a worker should earn based on their income patterns, then gives them a steady paycheck each month. If a worker earns more than usual, Trezeo sets aside that extra money. And if they earn less than they normally do, the company will make up the difference using credit.

“We’re two companies with a shared vision for the future of financial services; both serving independent, gig economy and nontraditional workers, and we both have a deep passion for engineering excellence in product development,” Monese said.

Added Norris Koppel, the company’s founder and CEO: “Many of Trezeo’s target customers are our customers: gig workers, side-hustlers, go-getters and all those working towards achieving their dreams. We know these workers are looking for more of a safety net, particularly when it comes to accessing credit.”

Trezeo CEO Garrett Cassidy, who helped found the company in 2016, said the acquisition will let his company continue its mission, reaching a wider audience across Europe.

Also read: Payments Provider PPS Launches Google Pay in the UK

The acquisition comes weeks after Monese began working with digital banking and payments provider PPS to debut Google Pay functionality in the U.K.

The partnership gives Monese customers the ability to add Monese prepaid card to Google Pay accounts and perform contactless payments with Android devices. The PPS service also includes offering Mastercard cards and direct debit capability.