Mobile banking startup Monese has bagged a $35 million investment from HSBC to support its move into the banking-as-a-service space. The investment brings the total raised by Monese to $208 million. London and Tallinn-based Monese targets expats and immigrants who typically struggle to get a traditional bank account.
Monese announces a $35 million investment by HSBC. The new funding will support the continued growth of Monese’s platform.
Monese and HSBC are closely aligned in their commitment to opening up the full extent of digital banking possibilities. The investment is part of a broader, strategic partnership that will focus on Monese’s industry-leading, cloud-based Platform as a Service business.
Taylan Turan, Group Head of Retail Banking and Strategy, Wealth and Personal Banking at HSBC, said: “HSBC is continually pioneering new wealth and banking innovations for our digitally-savvy customers – we want to help clients make smarter decisions so they can meet their financial goals with innovative digital tools. This new partnership is a key step towards helping us deliver digital wealth and banking tools at pace and scale, combining Monese’s fintech credentials with our own global wealth and banking capabilities.”
Catherine Zhou, Global Head of Ventures, Digital Partnerships and Innovation at HSBC Ventures, said “HSBC is excited to invest in Monese as one of the leading fintech players in the market. Our investment will provide stronger strategic alignment and enable us to build on our strengths as partners.”
Norris Koppel, Founder and CEO of Monese, said: “Securing the support of a tier one global bank demonstrates the strength of our platform and the continued appetite from investors in the platform. I am delighted to have such a distinguished partner and investor in HSBC, who brings a great deal of experience in delivering exceptional banking services. We look forward to taking this partnership forward.”
In September 2021, Monese announced the launch of its Platform as a Service business and a strategic partnership with Investec. As part of the strategic partnership, Investec led Monese’s oversubscribed Series C.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
