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Monese says new funding needs "low" on the path to profitability

Losses at Monese increased in 2022 due to “significant investment” in its B2B platform business 

Norris Koppel Monese

Norris Koppel/Monese

Monese's need for new investor funding is low amid diminishing losses in 2023, according to a spokesperson for the fintech, which is on a path to profitability.

“With significantly improved performance and cash flow in 2023, the group’s current funding requirements are low as it approaches profitability in the near term,” the Monese spokesperson said. 

“We are confident that we will be able to raise these funds in the short term, given recent discussions with new investors and supportive existing shareholders” they added.

Digital banking challenger Monese recently published its 2022 accounts, reporting an uptick in its losses for the year compared with 2021 to £30.5m for 2022, up from £16.8m in 2021.

This prompted its directors to state a 'going concern' for the business, alongside saying they believed the business will be successful in raising additional funds.

Monese last raised a big funding round through a $35m strategic investment from HSBC as part of a broader partnership in 2022.

Monese has been investing heavily into its platform-as-as-service business XYB since then.

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Norris Koppel

CEO and founder

Monese

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