HSBC has invested £31 million into London FinTech Monese.

Monese, launched in 2015 by Norris Koppel, provides digital banking services to consumers and businesses across Europe.

A mobile app alternative to banks, it allows customers to open multi-currency, multilingual and localised accounts.

The firm focuses on customers which are underserved by mainstream lenders, which it says means it should become more profitable than its rivals.

The investment brings the total raised by Monese to $208m.

FinTech Pay360 sold in £150m deal

HSBC said the bank and Monese are closely aligned in their commitment to opening up the full extent of digital banking possibilities and described the investment as part of a broader, strategic partnership.

“HSBC is continually pioneering new wealth and banking innovations for our digitally-savvy customers – we want to help clients make smarter decisions so they can meet their financial goals with innovative digital tools,” said Taylan Turan, group head of retail banking and strategy, wealth and personal banking at HSBC. 

“This new partnership is a key step towards helping us deliver digital wealth and banking tools at pace and scale, combining Monese’s FinTech credentials with our own global wealth and banking capabilities.”

Monese CEO Koppel added: “Securing the support of a tier one global bank demonstrates the strength of our platform and the continued appetite from investors in the platform. 

“I am delighted to have such a distinguished partner and investor in HSBC, who brings a great deal of experience in delivering exceptional banking services. We look forward to taking this partnership forward.”

FinTech ShieldPay appoints technology heavyweight