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”
„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:
