Securing one of the world’s top 10 biggest banks as an investor is a major coup for Monese and represents something of a trend in recent years whereby dusty-old “traditional” banks have sought inroads to the burgeoning neobank sphere through buying stakes.
HSBC is looking to leverage Monese’s banking-as-a-service platform, which it unveiled last year to help other financial institutions easily develop online money management and related digital services. It’s all about bringing the innovation of a fintech startup into a major global bank to help it better compete in an increasingly digital-first world.
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.