The bank “completely impaired” its minority holding in Monese earlier this year, wiping out the remaining $5.86 million value, according to filings. Launched in 2015, London and Tallinn-based outfit Monese began life targeting expats and immigrants who typically struggle to get a traditional bank account. In 2022, having already raised nearly $200 million in funding, it received $35 million from HSBC to support a move into the banking-as-a-service space, with the bank using the BaaS technology in a retail app. However, early this year Monese booked a £30.5 million loss in accounts filed for 2022 and warned of its ability to continue as a going concern unless it could raise additional funds. It did secure funds soon after and split the business into separate consumer-facing and corporate concerns. However, another major backer, Sweden’s Kinnevik, has also written off its investment in the firm this year, citing its uncertain future.