Finance
HSBC’s $35 Million Bet on Fintech Sours After Just Two Years
- Bank’s stake in Monese has been written off in its entirety
- HSBC invested in the British fintech in 2022 strategic deal
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HSBC Holdings Plc has written off its stake in software company Monese Ltd., two years after investing $35 million in the UK fintech that had once been touted as a potential “unicorn.”
Europe’s largest banking group “completely impaired” its minority holding in Monese in March and April, wiping out the remaining $5.86 million value, according to filings for HSBC’s investment subsidiary last month.