Monese Ltd will receive more than €1.1 million for the implementation of Horizon 2020 SME Instrument phase 2 project

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Invent Baltics helped UK company Monese Ltd to prepare a successful project proposal to the Horizon 2020 Research and Innovation funding programme. The SME Instrument phase II project with a total budget around €1.5 million will be funded under the topic of “business model innovation”.

Monese develops a mobile-first banking service that validates customer’s identity fully online, enabling access to banking even for customers with poor credit history or no formal proof of address. The project aims to scale up the technical capability of the service for reaching and being able to serve growing number of users.

The SME Instrument phase 1 funding supports SMEs to cover the funding for initial feasibility assessment, including market research, patent study and business plan development. Phase 2 funding is targeted to SMEs with particular focus on product development, demonstration activities and market replication. Applications are expected in various topics and companies can apply for funding individually without partners. Subcontracting is allowed both in phase 1 and phase 2 projects. The next cut-off dates for Phase 1 project proposals are September 7 and November 9, 2016.The next cut-off dates for Phase 2 project proposals are June 15 and October 13, 2016.

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