Investec invested in Monese through Outward VC fund. Credit: Carlos Muza on Unsplash.

Digital banking startup Monese has launched its banking-as-a-service (BaaS) platform and formed a strategic partnership with Investec.

As part of the partnership, Investec will be using the new BaaS platform for the development of its transactional banking proposition.

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Additionally, the deal will see Investec lead the first close of Monese’s ongoing series C funding round.

The new platform is cloud-based, modular and integrated with financial services partners.

The BaaS platform, Monese said, will allow clients to offer bespoke, end-to-end, online money management services which can be modified as per the country’s regulations.

Monese founder and CEO Norris Koppel said: “At Monese, we have built a cutting-edge technology platform, one that is tried-and-tested and integrated with some of the best partners in the business.

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“In our experience, core banking providers only cover a small part of the products and services that are required to meet the demands of modern digital banking and so our BaaS offering is completely end-to-end – it’s everything you would need to launch a current account from scratch.”

Investec global head of digital and technology Lyndon Subroyen said: “We have a longstanding relationship with Monese, having invested in them through Outward VC fund, and smaller investment vehicles in recent years.

“This strategic partnership will enable us to leverage their scale, expertise and digital capabilities to deliver Investec’s digital current account offering in the UK.”

Monese had also collaborated with Mastercard and adopted Though Machine’s cloud narrative core banking platform, Vault.

Last week, ethical financial services company MoneeMint also launched a BaaS solution for its clients in the UK and Europe.