Subsidiary will be used to drive banking-as-a-service push
IN BRIEF:
- The new subsidiary, XYB Limited, will take over Monese’s client work, inlduing their relationship with Investec
- Monese CEO Norris Koppel first announced its cloud-based banking offering to partners in 2021
- A strategic partnership with Investec saw them lead Monese’s $162m Series C round
What does this mean?
"I am thrilled to introduce XYB's coreless banking ecosystem to the market, a true game-changer in the industry,” said CEO Atul Choudrie on his appointment. “By building a vibrant ecosystem of partners, XYB empowers financial institutions to unlock new opportunities, deliver tailored financial services that meet diverse customer needs, revolutionising the way financial services are delivered.”
