Swedish Venture Capitalist (VC) Kinnevik has written off its investment of Monese in full due to the uncertainty over its future participation in the sector, according to paymentexpert.com.
The Stockholm-based VC led a $60m Series B funding round in Monese in 2018 and owns 20% of the company, however, it has announced a full write off of the banking service provider, reflecting a more careful investor approach.
Monese in January reported a £30.5m loss in its accounts filed for 2022 and warned of its inability to continue unless it could raise additional funds.
Kinnevik’s announcement has added to the fintech’s woes, the VC stated: “We have sought to make large write-downs or write-offs in our portfolio’s long-tail of companies where our conviction has come down. In this quarter, that encompasses a full write-off of Monese. While there is still significant value in the company, the nature of our participation in its future is uncertain. This is what underpins our decision to write off our investment in full.”
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