Mastercard and Monese have announced a new multi-year strategic partnership, with Monese becoming a principal Mastercard issuer.

With its multi-currency accounts now available in 31 countries, the digital bank's new partnership with Mastercard provides its customers access to the global acceptance network, allowing them to spend at the millions of locations worldwide at which Mastercard is accepted.

The partnership supports Monese’s commitment to provide a more localised product offering to consumers across existing European markets, as well as the strengthening its core product offering and capabilities.

Founder and chief executive Norris Koppel said: “We are committed to delivering more local experiences for our customers across multiple European markets, as well as making it easier for those who have previously been underserved by traditional banks to manage their money.”

So far this year, Monese has launched two new local country-IBANs and a cash top-up capability in multiple European markets. Local IBANs make it easy for customers in these countries to do local transactions, such as receiving their salaries directly into their Monese accounts, as foreign IBANs are not always accepted by employers.

Together with Monese’s Post Office and PayPoint partnerships in the UK, Monese has created one of the largest cash networks in Europe, letting customers top up cash at over 87,000 locations.

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