Mobile banking startup Monese has bagged a $35 million investment from HSBC to support its move into the banking-as-a-service space.
London and Tallinn-based Monese targets expats and immigrants who typically struggle to get a traditional bank account.
The latest investment brings the total raised by Monese to $208 million and comes on the heels of a September deal and investment from Investec, which intends to adopt Monese's new BaaS platform to deliver its digital current account offering in the UK.
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.”
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.”