London and Tallinn-based digital lender Monese has raised $60m (£46m) from backers including PayPal, in the latest example of growing investor interest in financial technology companies seeking to disrupt the traditional banking sector.

The startup, which targets those who struggle to get a traditional bank account, either through having a "thin" credit file or having recently arrived in a country, has now raised $76m since its launch in 2015.

The latest funding round was led by Swedish investor Kinnevik, and also included investment from PayPal, British Airways owner International Airlines Group and Investec's INVC Fund.

The business, which last summer expanded into Europe, said it now has around 600,000 customers who are moving more than $2.5bn each year.

"As in the UK, adoption rate has exceeded our expectations. Now, Europe is embracing the Monese product even faster than the UK market," it said.

"We see this as a vindication of our original mission statement – and a validation of our approach in addressing the inefficiencies and limitations inherent to the current banking system."