- HSBC Holdings has written off its remaining 5.4% stake in UK-based fintech Monese.
- HSBC acquired a minority interest in Monese for £35 million in 2022, integrating Monese’s solution into its banking-as-a-service (BaaS) platform.
- Recent filings show HSBC has completely impaired its $5.86 million stake, as Monese struggles with losses and seeks fresh funding for 2024.
- Monese reported a £30.5 million loss in 2022. Despite this, the company remains optimistic about 2024 after improving its performance in 2023.
- Kinnevik, a major Monese investor, wrote off its 21% stake in February 2023.
- This move aligns with HSBC’s broader trend of shedding assets, including selling its French retail banking arm and its Argentine operations earlier this year.
