- 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.
