In this article we examine the trajectory of the Monese neobank and what lessons can be learned by tech leaders as 2024 looks to be a challenging year. 

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Summary

In April 2024, the UK’s neobank Monese, backed by both Investec and HSBC, effectively split itself up into two separate entities: a technology company and a consumer finance business. This move signifies the heightened focus on realizing the value of fintech, as ultracheap capital for growth is no longer available. In this article we examine the trajectory of the brand and what lessons can be learned by tech leaders.

While the Monese brand hit all the right notes, questions about the revenue model and profit were never answered

The trajectory of Monese since its inception in 2015 has been fascinating because it has covered a range of different areas in fintech to get to where it is now. At its founding, its primary purpose was to provide current accounts to people underserved by legacy financial markets, primarily immigrants and expats. Over time, it has developed a 2-million-strong consumer bank but has also gone on a technological journey that has involved partnering with vendors and developing its own technology.

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