Fintech Monese ventures funding! Sustaining ops with widened losses!

London-based fintech Monese is seeking additional funding to sustain its operations as its losses widen. The company reported a loss of £30.5m for the year ended 31 December 2022, a 63% increase from the previous year. The losses were attributed to significant cost increases due to the expansion of customer volume, with direct costs and administrative expenses rising. Monese saw a boost in revenue of just under 60% to £27.7m, however, this was not enough to offset the rising costs. The firm’s directors expressed uncertainty about the success of future fundraising and the going concern status of the company. Monese has raised over £158m since its founding in 2015, with backers including PayPal and Investec. The company plans to seek additional funding to support future losses as it continues to grow.