Monese and coreless banking subsidiary XYB secure fresh funding ahead of separation

Funding Secured: Monese and its Platform-as-a-Service (PaaS) subsidiary XYB have secured fresh funding.
Amount and Investors: The exact amount raised and the identity of investors have not been disclosed. XYB specifically raised capital from both existing and new investors.
Financial Situation: Monese had announced a £30.5 million loss for 2022 at the beginning of the year, indicating a need for new funding.
Planned Division: The company confirmed its intention to split from XYB late last month. The split does not yet have a definitive timeline.
Separate Businesses: Post-separation, Monese and XYB will operate as two separate companies but will continue to collaborate on strategic partnerships.
Leadership: Monese will continue to be led by its existing CEO, Norris Koppel, while XYB will have a new CEO, with the appointment expected to be announced shortly.
Growth Potential: The separation is expected to unleash the growth and potential of both Monese and XYB, ensuring that each business has the focus needed to thrive.