HSBC Ventures invests $35m in Monese
HSBC makes investment as part of strategic partnership
By Alexandra on September 19, 2022
Monese announces a $35 million investment by HSBC. The investment brings the total raised by Monese to $208 million.
Monese and HSBC are closely aligned in their commitment to opening up the full extent of digital financial service possibilities. The investment is 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 support the continued growth of Monese’s platform.
Taylan Turan, Group Head of Retail Banking and Strategy, Wealth and Personal Banking at HSBC, said: “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 financial tools at pace and scale, combining Monese's fintech credentials and our own global wealth and banking capabilities."
Catherine Zhou, Global Head of Ventures, Digital Partnerships and Innovation at HSBC Ventures, said “HSBC is excited to invest in Monese as one of the leading fintech players in the market. Our investment will provide stronger strategic alignment and enable us to build on our strengths as partners.”
Norris Koppel, Founder and CEO of Monese, 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.”
In September 2021, Monese announced the launch of its Platform as a Service business and a strategic partnership with Investec. As part of the strategic partnership, Investec led Monese’s oversubscribed Series C.
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