Monavate

Monavate is a payment solutions provider based at The Officers’ Mess, Duxford. They provide a technology-enabled, compliance and card scheme sponsorship platform, that simplifies the way companies create, manage and grow financial products. They deliver people-first payment solutions, combining expert guidance with fit-for-purpose technology to make even the most ambitious financial product ideas reality. Monavate is regulated by the UK Financial Conduct Authority as an e-money institution and is a principal member of Mastercard, Visa and Discover.

Monavate recently secured seed funding of £5 million from a major US institutional investor, signalling one of the largest seed funding rounds for a UK fintech in the last year. This year they employed 20 new members of staff, which led to them taking larger office space at The Officers’ Mess just six months after moving in.

The funding will support investment in their expertise and pioneering technology platform, allowing companies to launch financial products quickly, easily and cost-effectively. It will also accelerate the company’s global expansion in the card issuing and ATM space.

Covid 19 has accelerated the shift towards digital services for many customers, with companies scrambling to look for on-line payment solutions when non-essential shops were forced to close, and cash free solutions for serving customers in-store. Contactless card and mobile payments were already increasing steadily worldwide, but the pandemic has turbo-charged take-up due to hygiene concerns around cash.

Understanding that there are important reasons behind how customers choose to pay is essential post-pandemic. As is offering a variety of ways to pay. Cash is still a popular payment method, and the demand for it is still strong. Monavate provides convenient and easy access to cash through their sponsorship of independent ATMs in local shops, post offices, and outside supermarkets.

Monavate first moved into The Officers’ Mess in June 2020. We asked Scott Lucas, CCO and Co-founder, what it was that attracted him and the other Co-founders here when they were thinking about where to base their company:

“The key thing for us was location. The majority of our staff are Cambridge based, and we are proud to be based amongst the Cambridge Cluster of high technology businesses but away from the busy City Centre. The Officers’ Mess has bags of character, mixing modern workspace with preserved features which retain the building’s extraordinary history, such as the cast iron radiators and wooden cornices. Our new offices are in what was once the ante-room. We’re very happy here”

Office design specialists Portsdown, also based at The Officers’ Mess, were appointed to do the fit-out:

“Portsdown worked closely with Monavate to provide a collaborative and inspiring workplace through use of a variety of furniture. We incorporated a mix of soft seating, high level hot desks, meeting areas, and standard desk positions to provide an agile and efficient workplace. The welcoming reception area doubles as a breakout and meeting space and complements the existing historic building features. A dividing wall forms a soft barrier to the rest of the space and has created opportunity for display. A high-backed booth has given some privacy in the open plan for meetings and quiet working. The brand is reflected through the corporate colours used in the soft seating, and adds vibrancy and a contemporary feel to the traditional interior. We really enjoyed working alongside Monavate to create the perfect setting for their new home here in Duxford” Andrew Hill, Director at Portsdown Office Ltd

For further information, visit:

Portsdown: portsdown.co.uk
Monavate: monavate.com