News Digital Banking

Monese joins Starling in creating a new subsidiary for banking-as-a-service push

The new company is called XYB Limited, and will take over Monese’s client relationship with Investec.


XYB by Monese.

Digital banking apps have a clear advantage when it comes to banking-as-a-service, in that they have existing tangible products running on their tech to show off.

The disadvantage is that customers might see those products as competitors or question what the fintech’s focus or priorities are, hence the trend of late to spin up a separate company to handle BaaS.

Monese is the latest digital banking app to do just that, with news today that XYB Limited has been set up as a new subsidiary and brand to take over Monese’s client work.

Starling Bank did the same with Engine in 2022, wrapping its existing client relationships into a new brand and subsidiary, led by CEO Sam Everington.

Monese CEO Norris Koppel first announced that the fintech would offer its cloud-based banking platform to partners in 2021, as part of a strategic partnership with Investec which also saw the Anglo-South African banking group lead Monese’s $162m Series C funding round.

XYB enables banks and non-banks to launch modern money services quickly and cost efficiently, helping millions more people access financial services across the world and empower businesses to grow,” said Koppel, revealing the new brand today.

As well as registering XYB with Companies House, Monese has appointed Atul Choudrie, previously MD of its BaaS business, as CEO and a director of the company.

"I am thrilled to introduce XYB's coreless banking ecosystem to the market, a true game-changer in the industry,” said Choudrie on his appointment.

“By building a vibrant ecosystem of partners, XYB empowers financial institutions to unlock new opportunities, deliver tailored financial services that meet diverse customer needs, revolutionising the way financial services are delivered.”

Monese has a long list of backers who might be interested in harnessing its technology, with Investec, PayPal and most recently HSBC becoming a backer of the fintech.

Companies In This Article

logo, company name
company name

People In This Article

a man smiling for the camera

Norris Koppel

CEO and founder

a person smiling for the camera

Sam Everington

CEO of Engine by Starling

Engine by Starling Bank

More Like This