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HSBC-backed fintech Monese is considering splitting its operations as it grapples with increasing losses.
Monese, boasting a customer base of two million individuals, is collaborating with Interpath Advisory on a strategic initiative to split into two distinct entities, Sky News has learned.
The HSBC-backed technology firm, once on the verge of securing funding at a valuation exceeding £1 billion four years ago, now faces mounting losses, prompting the decision to undergo a corporate restructuring.
City insiders reveal that Monese, known for catering to underserved banking customers, is exploring a division into separate consumer-facing and corporate entities under the guidance of Interpath Advisory. This move could potentially pave the way for a sale or further restructuring down the line.
With operations spanning more than 30 countries and a workforce of approximately 275 employees, Monese has briefed its staff on these proposed plans.
Led by Norris Koppel, Monese has been actively seeking additional capital over the past year amid investor pressure to evaluate restructuring options. Its business-to-business arm, XYB, reportedly plays a crucial role in powering HSBC’s retail banking app.
In response to inquiries, a Monese spokesperson stated, “The business has evolved in two distinct directions: the original B2C business and the newer, rapidly growing B2B PaaS (Platform as a Service) business. We are exploring the optimal organizational and capital structure to maximize shareholder value.”
In its recent financial filings, Monese highlighted “material uncertainty” regarding future fundraising success and its going concern status. Despite this, the company’s shareholders, including Investec and Augmentum, have remained supportive.
Despite facing challenges, Monese has reported continued revenue growth and a significant reduction in losses, signaling a path towards profitability in the near term.
The implementation of Monese’s break-up plans is expected to unfold over several months amid a challenging funding landscape for fintech firms.
Source: news.sky.com
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Conference Call to Discuss Results Scheduled for 10:00 a.m. ET Today
NEW YORK, May 3, 2024 /PRNewswire/ — Newmark Group, Inc. (Nasdaq: NMRK) (“Newmark” or “the Company”), a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers, today, reported its financial results for the three months ended March 31, 2024, and declared its quarterly dividend.
A complete and full-text financial results press release, including information about today’s financial results conference call and Newmark’s dividend declaration, is accessible in the “Media” section at https://nmrk.com. It is also available directly at any of the following web pages:
https://ir.nmrk.com (PDF version of the full press release, PDF of a quarterly results investor presentation, and supplemental Excel financial tables)
https://ir.nmrk.com/investors/news-releases/financial-and-corporate-releases (Links to the PDF version of the full press release, PDF of a quarterly results investor presentation, and to Excel financial tables)
https://nmrk.com/media (PDF version of the full release only)
(Note: If clicking on the above links does not open a new web page, you may need to cut and paste the above URLs into your browser’s address bar.)
Today’s conference call is expected to contain forward-looking statements with respect to the Company’s financial outlook.
ABOUT NEWMARK
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of March 31, 2024, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,600 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
DISCUSSION OF FORWARD-LOOKING STATEMENTS ABOUT NEWMARK
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company’s business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q, or Form 8-K.
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View original content:https://www.prnewswire.co.uk/news-releases/newmark-reports-first-quarter-2024-financial-results-302135571.html
Outpayce, the travel payment division of the Spanish IT conglomerate Amadeus, has secured an Electronic Money Institution (EMI) license from the Bank of Spain, thus gaining the ability to provide regulated payment services.
With this regulatory approval, Outpayce is now authorized to handle customer funds, issue prepaid debit cards, and facilitate money transfers between payment accounts. The company intends to expand these services throughout the European Union.
Outpayce anticipates that its EMI license will soon enable the use of its prepaid virtual cards within corporate self-booking tools and travel agency booking systems. This will facilitate payments to service providers such as airlines and hotels.
David Doctor, CEO of Outpayce, has suggested that the company is in the process of developing a state-of-the-art fintech infrastructure on the Microsoft Azure cloud platform. Additionally, Outpayce plans to collaborate with an increased number of financial institutions and startups.
Having been launched just last year, Outpayce specializes in providing payment solutions tailored to the needs of travel merchants. It boasts of offering a comprehensive infrastructure that allows travel sellers to accept a wide array of card and local payment methods across various channels, including mobile, call centers, websites, and physical touchpoints such as check-in desks.
Source: fintechfutures.com
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Johan Bergqvist, Former Bolt Chief, Takes Helm as Banking Circle’s Group CFO
Johan Bergqvist, formerly of Bolt, assumes the role of Group CFO at Banking Circle, a financial infrastructure provider. His appointment, effective February, comes as the Luxembourg-based group, owned by Swedish investment firm EQT Partners, aims for the next phase of sustainable growth.
In partnership with Banking Circle’s management team and co-founders Anders la Cour and Laust Bertelsen, Bergqvist will lead initiatives to drive rapid and profitable expansion.
Banking Circle serves a diverse clientele, from online merchants to institutional banks, offering a suite of solutions including cross-border payments, card issuing, accounts, liquidity management, and revenue-based financing. In the previous fiscal year, the company reported run-rate revenues of €300 million and handled €550 billion in run-rate annual payment volumes.
Anders la Cour, commenting on the company’s performance, noted that despite reaching significant scale, there’s ample room for growth in the market.
Bergqvist, with nearly 20 years of industry experience, is poised to leverage his expertise in his new role. This marks his third stint as a Group CFO, having previously served at transportation and delivery platform Bolt, where he remains a board member, and UK-based paytech Teya.
Source: fintechfutures.com
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