Monese, alongside its Platform-as-a-Service (PaaS) subsidiary XYB, has successfully raised fresh funding as part of preparations for the group’s upcoming division into two separate entities.
While the exact total amount of funding and the identities of the investors remain undisclosed by the banking services provider, it has been revealed that XYB specifically attracted capital from both existing and new investors.
Monese had been actively seeking new funding throughout 2024, following its announcement of a £30.5 million loss for the fiscal year 2022.
Late last month, the company officially announced its plans to split from XYB. Although a definitive timeline for this division has not yet been established, it will result in the consumer-facing money app and the XYB unit functioning as distinct companies.
Post-separation, both entities will continue to collaborate on strategic partnerships, as stated in the group’s announcement. Monese will retain its current CEO, Norris Koppel, while XYB will be led by a new CEO, whose appointment is expected to be disclosed in the near future.
Norris Koppel expressed confidence in the separation process, highlighting its potential to unlock growth opportunities for both Monese and XYB. He emphasized that the split will provide each business with the necessary focus to thrive independently.
Source: fintechfutures.com
