FinTech firm Monese has secured a $35m investment from HSBC, bringing the total raised by the firm to $208m.
UK-based Monese offers current accounts and money transfer services as an alternative to traditional banks. The mobile-only service provides accounts in Pounds sterling, Euros and Romanian leu.
According to Monese, the company and HSBC are closely aligned in their commitment to ‘opening up the full extent of digital banking possibilities’.
The investment, Monese claims, is a part of a broader, strategic partnership that will focus on Monese’s industry-leading, cloud-based Platform as a Service business.
The new funding will be used to support the continued growth of Monese’s FinTech platform.
In September 2021, Monese launched its PaaS business as well as a strategic partnership with Investec. As part of the collaboration, Investec led Monese’s Series C.
Monese CEO and founder Norris Koppel 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.”
Taylan Turan – head of retail banking and strategy, wealth and personal banking at HSBC – added, “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.”
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