HSBC “completely impaired” its minority holding in Monese earlier this year, wiping out the remaining $5.86 million value, according to filings Finextra reported. In 2022, having already raised nearly $200 million in funding, it received $35 million from HSBC to support a move into the banking-as-a-service space, with the bank using the BaaS technology in a retail app.
However, early this year Monese booked a £30.5 million loss in accounts filed for 2022 and warned of its ability to continue as a going concern unless it could raise additional funds.
It did secure funds soon after and split the business into separate consumer-facing and corporate concerns. However, another major backer, Sweden’s Kinnevik, has also written off its investment in the firm this year, citing its uncertain future.
Banking 4.0 – „how was the experience for you”
„To be honest I think that Sinaia, your conference, is much better then Davos.”
Many more interesting quotes in the video below:
