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Wednesday 21 September 2022

Monese and HSBC strike $35m deal

MoneseLondon headquartered Fintech, Monese has secured an investment of $35m from global banking group HSBC. The UK and Estonian startup was originally founded to provide digital banking services to expats and immigrants who might otherwise struggle to open a traditional bank account. The firm has subsequently expanded its proposition to focus on the wider market for digital banking services.

The cash injection brings the total funding raised by Monese to more than $200m (see: Monese ups the challenge). The deal with HSBC follows another recent collaborative investment in the fintech by Investec, which is looking to utilise Monese technology to provide a digital current account in the UK.

For its part, HSBC is looking to enhance the digital tools available to its customers. The new partnership with Monese will help the bank’s technology journey as it improves its products and services around digital wealth and banking.

Posted by: Jon C Davies at 09:55

Tags: funding  

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