European neobank Monese embezzles $35 million from HSBC • CableFree TV

Published by
Peter Kavinsky

MoneseLondon-based fintech company which provides digital banking and money transfer services to consumers and businesses across Europe, raised $35 million from global banking giant HSBC.

Monese, founded in 2013, is one of several so-called challengers. banks to appear from the UK capital, serving customers with a range of online services, including standard cash accounts, savingand international Money transfers. Other notable players in the space include Revolut, which hit a whopping $33 billion valuation last year; Monzo, who now valued at $4.5 billion.; Starling Bank, which recently increased its valuation up to $2.9 billion; and wise, which went public last year and now has a market capitalization of nearly $6 billion.

Monese, for his part, is now doing his bit. general funding up to 208 million dollars, and follows it $90M Series C Round in September last year. And while the company is not disclosing any estimates for its latest funding round, TechCrunch is securely informed that its valuation has increased “several times” in its Series C estimate (which was also undisclosed at the time).

major coup

Acquiring one of the ten largest banks in the world as an investor is a major stroke of luck for Monese and represents something of a trend in recent years, with old dusty “traditional” banks seeking to infiltrate the growing neobank realm through shareholdings. For example, the Spanish BBVA. recently invested $300 million in Brazilian neobank Neonbye JP Morgan bought tranche in the amount of 49% Viva wallet from Greece. Elsewhere over the past couple of years JP Morgan acquired 40% of the shares in Brazilian bank C6, Goldman Sachs invested in Starling Bankand Santander supported the update in San Francisco.

Indeed, these investments tend to be part of a wider strategy game of banking industry juggernauts, and Monese’s latest merger is no different – ​​HSBC aims to leverage Monese’s “banking as a service” platform, which it introduced last year to help other financial institutions easily develop online cash management and related digital services. It’s all about bringing the innovations of a fintech startup to a major global bank to help it compete better in an increasingly digital world.

“HSBC is constantly introducing new financial and banking innovations for our digitally savvy clients – we want to help clients make smarter decisions so they can achieve their financial goals with innovative digital tools,” said Taylan Turan, Group Leader of Retail banking services and strategy. wealth and personal banking at HSBC, in a statement. “This new partnership is a key step in helping us deliver digital finance and banking tools at the right pace and scale, combining Monese’s fintech expertise with our own global finance and banking capabilities.”

Peter Kavinsky

Peter Kavinsky is the Executive Editor at cablefreetv.org

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