UK-based money app Monese has received a US$35 million investment from HSBC Ventures, bringing the total amount it has raised so far to US$208 million.
The investment is said to be part of a broader strategic partnership that focuses on growing Monese’s platform and exploring the “full extent of digital banking possibilities”.
Monese first launched its mobile money service in 2015, followed by business accounts in 2018 and joint accounts in 2019. It had two million sign ups as of 2020.
In 2021, the company launched its Platform-as-a-Service business, raised its Series C led by banking solutions provider Investec, and acquired financial services provider Trezeo.
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.”