Monese has raised $208m so far. Credit: Monese.

UK-based fintech platform Monese has secured a $35m investment from the venture capital arm of banking major HSBC.

The investment, which takes the total funds raised by Monese to $208m, will be used by the London-headquartered firm to accelerate growth.

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Monese said that the investment is part of a broader collaboration that will focus on its cloud-based platform-as-a-service business.

The fintech, which caters to those who struggle to get services from mainstream banks, offers current accounts, payments, and mobile banking services.

HSBC group head of retail banking and strategy, wealth and personal banking Taylan Turan 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.”

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Monese founder and CEO Norris Koppel 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.”

In September 2021, Monese’s launched its platform-as-a-service in partnership with Investec, which lead the first close of Monese’s Series C round.