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Monese and XYB Secure New Funding and Unlock Growth Potential as Separate Businesses
Monese, a leading pan-European fintech, and XYB, a leading global Platform as a Service business, announce that they have each secured new funding and are to separate from their existing Group structure and become two independent businesses. The Monese brand will continue as the B2C consumer facing business, and XYB, the B2B Platform as a Service (PaaS) technology business borne out of Monese, will become an independent company.
Monese was founded in 2015 by CEO Norris Koppel and grew rapidly by providing access to current account banking services for people excluded from mainstream banking. As part of the restructure, and subject to regulatory approvals, Koppel, backed by some of the earliest investors, will acquire and fund the original Monese B2C business which is close to profitability. Following separation Monese will return to its core business model, developing smart money services for customers in 31 countries across Europe.
XYB is a leader in the coreless banking revolution. Its technology currently powers financial products for multiple Tier 1 Financial Institutions, and its platform will continue to power Monese. The two companies will continue to collaborate on strategic partnerships, whilst separation will enable XYB to accelerate new product offerings and expand to new geographies. XYB has raised capital from both existing and from new investors, and will shortly be announcing its new CEO.
Norris Koppel said: “This separation will unleash the growth and potential of Monese and XYB, and will see both businesses well-funded. I am excited to continue the strong collaboration between the two companies, whilst the separation ensures that both businesses will have the focus they need to thrive.”
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