Avios invests in online banking app Monese – what is its plan?

On Monday I published a mini-rant about the bloated state of the UK credit card industry.  As part of that, I asked why investors were pouring vast sums into online current account start-ups (Monzo, Revolut, Starling etc) when such products have never made money even for legacy banks.

On the other hand, few start-ups are pushing into UK credit cards which have historically been hugely profitable.

A reader pointed out to me that Avios Group recently invested in Monese as part of a $60m funding round – see here.

If you’ve never heard of Monese, it is like Revolut, Starling or Monzo but aimed at people who are new to a country and would otherwise struggle to meet the checks required to open a traditional bank account.

You can open a Monese account in various European countries, including the UK, simply by uploading a scan of your passport.  Monese is, of course, also happy to open an account for you if you are living and working in your home country.  If you are reading this on a tablet or mobile, you can click here to download the Monese app and have your account open within minutes.

I am assuming that Avios has a plan for Monese – we need to see what develops over the next few months.

How to earn Avios from UK credit cards (December 2021)

As a reminder, there are various ways of earning Avios points from UK credit cards.  Many cards also have generous sign-up bonuses!

There are two official British Airways American Express cards with attractive sign-up bonuses:

British Airways American Express

5,000 Avios for signing up, no annual fee and an Economy 2-4-1 voucher for spending ….. Read our full review

British Airways American Express Premium Plus

25,000 Avios and the UK’s most valuable credit card perk – the 2-4-1 companion voucher Read our full review

You can also get generous sign-up bonuses by applying for American Express cards which earn Membership Rewards points, such as:

American Express Preferred Rewards Gold

Your best beginner’s card – 20,000 points, FREE for a year & two airport lounge passes Read our full review

The Platinum Card from American Express

30,000 points and an unbeatable set of travel benefits – for a fee Read our full review

Run your own business?

We recommend Capital On Tap for limited companies. You earn 1 Avios per £1 which is impressive for a Visa card, along with a sign-up bonus worth 10,500 Avios:

Capital On Tap Business Rewards Visa

The most generous Avios Visa or Mastercard for a limited company Read our full review

You should also consider the British Airways Accelerating Business credit card. This is open to sole traders as well as limited companies and has a 30,000 Avios sign-up bonus:

British Airways Accelerating Business American Express

30,000 Avios sign-up bonus – plus annual bonuses of up to 30,000 Avios Read our full review

Click here to read our detailed summary of all UK credit cards which earn Avios. This includes both personal and small business cards.

(Want to earn more Avios?  Click here to visit our home page for our latest articles on earning and spending your Avios points and click here to see how to earn more Avios this month from offers and promotions.)