XYB by Monese.
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.
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 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.”