Fintech company Monese which offers mobile money accounts to millions across Europe has acquired Trezeo, an FCA authorised financial services and credit provider for an undisclosed sum.
Monese said the acquisition is expected to close before the end of the year.
This is Monese's first acquisition and is part of a wider push to expand its products and services, by offering credit and lending to consumers with untraditional working and income patterns.
"This is the start of us moving further into credit and lending and broadening our services for independent and self-employed workers, which will significantly enhance our offering to our existing customers," said Norris Koppel, Founder and CEO of Monese.
"Many of Trezeo’s target customers are our customers: gig workers, side-hustlers, go-getters, and all those working towards achieving their dreams," he added.
Mr Koppel said he believes these workers are looking for more of a safety net, particularly when it comes to accessing credit.
As part of the acquisition of Trezeo and its Dublin-based team, Monese said it will expand its European footprint, with a workforce in Ireland.
It also said it will accelerate the expansion of its mobile money app in Ireland.
The company plans to launch Paysafecash top-ups at 3,100 locations in Ireland in the coming months.
It also plans to launch its Bills and Purchase Protection to the rest of Europe in the latter half of 2022, which will include Ireland.