Monese and coreless banking subsidiary XYB secure fresh funding ahead of separation
Monese and its Platform-as-a-Service (PaaS) subsidiary XYB have each secured fresh funding ahead of the group’s planned division into two separate businesses.
Monese and XYB secure funds ahead of split
The banking services provider has not disclosed exactly how much was raised in total, or which investors have provided the funds. However, it has said that XYB specifically raised capital “from both existing and from new investors”.
Monese had been looking to bring in new funding over 2024 after announcing a £30.5 million loss for 2022 at the beginning of this year.
The company confirmed its intentions to split from XYB late last month. The outcome of this move – which does not yet have a definitive timeline – will see its consumer-facing money app and XYB unit operate as two separate companies.
According to the group’s statement, the two businesses will “continue to collaborate on strategic partnerships” post-separation, with Monese to continue being led by its existing CEO Norris Koppel, and XYB to be led by a new CEO, the appointment of which is expected to be announced “shortly”.
“This separation will unleash the growth and potential of Monese and XYB, and will see both businesses well-funded,” claims Koppel, adding that the split “ensures that both businesses will have the focus they need to thrive”.
