Monese aims to secure fresh funding after recording £30.5m annual loss for 2022

Monese records £30.5 million loss for 2022, seeks new funding
Generated revenues of £27.7 million, attributing the increase to growth in active customer numbers
Rising direct costs due to increased customer volumes and acquisition costs
Administrative expenses rise to £31.3 million in 2022, driven by technology platform development and employee expansion
Acquired Trezeo, appointed new chief product officer, and received $35 million investment from HSBC Ventures in 2021
Launched “coreless” banking platform XYB in May 2023
Reliant on new funding for current operations and growth plans; faces potential adverse effects without sufficient funding
Monese spokesperson expresses confidence in raising additional funds and mentions considerably lower losses in 2023
Challenges in funding landscape shared with other tech companies in the UK
Zepz and GoCardless also faced workforce reductions amid challenging funding conditions
Industry observes increased difficulty in raising capital, leading to more realistic valuations according to Sharmil Patwa, founder of Opus Una.