The shadow of a major US regulator body falls over Ethereum
Monese, the London-based fintech that provides digital banking and remittance services to consumers and businesses across Europe, has raised $35 million from global banking giant HSBC.
Founded in 2013, Monese is one of several so-called "challenger" banks to emerge from the U.K. capital, serving customers with a range of online-only services including standard cash accounts, savings and international money transfers. Other notable players in the space include Revolut, which hit a hefty $33 billion valuation last year; Monzo, which is now valued at $4.5 billion; Starling Bank, which recently increased its valuation to $2.9 billion; and Wise, which went public last year and now has a market cap of nearly $6 billion.
Monese, for its part, now brings its total financing to $208 million, and follows its $90 million Series C round last September. And although the company hasn't divulged any valuations for its latest round of funding, TechCrunch is reliably informed that its valuation has increased "multiple times" on its Series C valuation (which was also undisclosed at the time). It's also the first tranche of funding in what will eventually be Monese's Series D round, which will close at some point in the future.
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. By way of example, Spain's BBVA recently invested $300 million in Brazilian neobank Neon, while JP Morgan bought a 49% tranche of Greece's Viva Wallet. Elsewhere in the past couple of years, JP Morgan acquired a 40% stake in Brazil's C6 Bank, Goldman Sachs invested in Starling Bank and Santander backed San Fransisco-based Upgrade.
Indeed, these investments are typically part of a broader strategic play by the banking industry juggernauts, and Monese's latest tie-up is no different — 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.
"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," said Taylan Turan, group head of retail banking and strategy, wealth and personal banking at HSBC, in a statement. "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.”
The fiscal event on Friday is set to detail help for households and businesses amid the sharp cost of living crisis sweeping across the country.
News of the departure is likely to trigger interest from executives across the digital and publishing sectors.
Summary Recent geopolitical events are causing the pharma industry to consider its supply chain more carefully than ever. Highly developed pharma markets rely on foreign suppliers for their drugs, especially China and India.New York, Sept. 20, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report "Pharmaceutical Sourcing and Onshoring Survey – 2022 Edition" – https://www.reportlinker.com/p06317734/?utm_source=GNW The COVID-19 pandemic, rising raw material and fuel costs,
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The company, which owns health products Sensodyne and Panadol, posted a 13.4% rise in its revenue to £5.2 billion in the first half of the year.
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Rail unions are staging a series of train strikes targeting the Conservative Party Conference in October.
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BERLIN (Reuters) -German Chancellor Olaf Scholz is expected to sign contracts for liquefied natural gas (LNG) during his visit to the United Arab Emirates on Sunday, his deputy chancellor said, as Germany looks for new partners to replace Russian energy imports. In May, sources told Reuters that LNG talks between Germany and Qatar were fraught with differences over key conditions, including the duration of any contract.
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Daimler Truck's deliveries could have been higher by a "five-digit figure" in 2021 and 2022 if it had not faced supply chain problems, its chief executive Martin Daum told Reuters. Daum said in an interview on the sidelines of the IAA Transportation conference in Hannover on Monday that he did not see any signs of demand dipping in the truck market and that order books were filling up the moment they were opened. Daimler Truck aims for up to 60% of its sales to be electric or hydrogen-fuelled vehicles by 2030, Daum said after the firm introduced its first heavy electric truck, fuelled by LFP batteries to reach a range of up to 500 kilometres.
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Members of the drivers union Aslef at 12 companies will walk out on October 1 and 5.
Chancellor Kwasi Kwarteng is expected to unveil a package of tax cuts this week which could save households thousands of pounds amid the cost-of-living crisis.
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