The fresh funding brings the total capital raised by Monese to $208 million and will be used to grow its cloud-based Platform-as-a-Service (PaaS) business.
Last year, Monese launched its PaaS business in a strategic partnership with Investec, which saw the bank lead the fintech’s Series C round. The platform is led by Monese CCO Atul Choudrie and is used to power the company’s own accounts.
Taylan Turan, group head of retail banking and strategy, wealth and personal banking at HSBC, says the firm wants “to help clients make smarter decisions so they can meet their financial goals”.
