MoneeMint Labs can be used to launch card schemes. Credit: Christin Hume on Unsplash.

Ethical financial services company MoneeMint has launched a banking as a service (BaaS) solution for its clients in the UK and Europe.

Dubbed MoneeMint Labs, the new offering is an end-to-end BaaS solution designed to enable firms to launch card schemes for their clients in the market.

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MoneeMint Labs features a core banking platform, mobile banking apps, services such as KYC, AML, transaction monitoring and customised cards.

Additionally, the BaaS solution provides access to a marketplace that offers insurance and pension products among others.

MoneeMint also revealed that it had secured funding from private equity firm Ground One Ventures. The value of the investment was not disclosed.

The firm used the capital to acquire a core banking system and enhance technological capabilities.

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MoneeMint co-founder Hassan Waqar said: “Disruptive, intuitive, and highly flexible, is our differentiator and identifier at MoneeMint.

“With the launch of MoneeMint Labs, we are able to provide our solutions to organisations that have a smaller budget to launch their own card programs without the need to worry about the technology and regulatory constraints while still giving them the flexibility to grow.”

MoneeMint previously operated under the name Ummah Finance, catering to the UK’s Muslim population, before being rebranded in September 2018.

In other UK banking news, challenger banks Monzo and Revolut are reportedly planning to venture into the buy now pay later (BNPL) market.

Notably, Monzo is being investigated by the Financial Conduct Authority (FCA) and Revolut recently raised $800m at a $33bn valuation.