Estonian fintech Monemon raised €1M

Estonian fintech Monemon raised €1M from business angels Illimar Mattus and a chairman of the supervisory council at Estonian insurance broker's service IIZI Kindlustusmaakler Kalev Tanner.

Founded in Tallinn in 2020 by Hendrik Rannamets, Markus Lutsokert, and Jürgen Lamp, Monemon's subscription-based application will comprise a digital ecosystem and traditional banking services such as IBAN accounts, debit cards, and payments in euros. The digital ecosystem MoneWorld targets to make the banking experience more interactive. The client can create a 3D digital character based on his picture. He can also purchase digital assets for Monecoin from Monestore that can be equipped to his character, and trade those digital assets with other customers. Monecoin is a loyalty point earned by making payments, using a Monemon card for everyday purchases, referring Monemon to friends, etc. Digital assets include tickets to special Monemon events and branded items such as a Spotify hoodie for the character, which will give a discount on a monthly subscription. 

The startup plans to enter the market at the beginning of next year. The company is working on getting a license from the Financial Supervision Authority.

Illimar Mattus is an Estonian entrepreneur, a co-founder of UK investment firm Tickmill, and an owner of Swiss private equity firm Andromeda Capital Partners Suisse, which has acquired 8.5% of Estonian crypto company Change this year. Illimar Mattus is also a Board member at Change.