Tera Ventures´ portfolio company Monese raises a $35m investment
Photo: CEO of Monese Norris Koppel
Tera Ventures' portfolio company Monese which has Estonian roots due to its Estonian founder, has announced a $35 million investment by HSBC. The investment brings the total raised by Monese to $208 million.
Monese is often called a "challenger" bank, like Wise, Monzo, and Revolut, as offers customers a range of online-only services including standard cash accounts, savings, and international money transfers. Monese was launched in September 2015 as the UK’s first mobile app alternative to banks. Since then, Monese, has developed several new products and services catering to millions of people from across 31 countries. Monese considers itself as one of the most popular and trusted financial services across Europe as 70% of incoming customer money is coming from salary payments. The new investment 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 banking tools at pace and scale, combining Monese’s fintech credentials with 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.”
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Image credit: Alex Machado/ Unsplash; Andrew Fosker / PinPep