Monese and HSBC are closely aligned in their commitment to opening up the full extent of digital banking possibilities. The new funding will support the continued growth of Monese’s cloud-based platform as a service business.

Taylan Turan, group head of retail banking and strategy, wealth and personal banking at HSBC, said: “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.

“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.”

Norris Koppel, founder and CEO of Monese, said: “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.”