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September 20 2022

Monese receives $35 million investment from HSBC

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Monese, an international financial technology company with Estonian roots, announced the inclusion of an investment of 35 million dollars as part of a strategic partnership from one of the world’s largest banks, HSBC.

With this investment, Monese has raised a total of $208 million, including from investors such as Kinnevik, PayPal, Investec, Augmentum and Outward VC, the company said.

Read also: Revolut has launched Revolut Pay and reveals spending data from Ireland

In September 2021, Monese announced the launch of its cloud-based platform and a strategic partnership with the international Investec bank as a new business direction.

This new investment is also a part of a broader strategic partnership focused on the development of Monese’s newest line of business, a cloud-based banking platform for businesses.

Through the platform, financial institutions and other companies can start offering digital banking services themselves. The new funding announced on Tuesday will support the continued growth of the Monese platform.

Norris Koppel, founder and CEO of Monese, says: “Securing the support of a tier one global bank demonstrates the strength of our platform and the continued appetite from investors in the platform. We look forward to taking this partnership forward.”

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Taylan Turan, group head of retail banking and strategy, Wealth and Personal Banking at HSBC, comments: “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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