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Monzo Achieves $5 Billion Valuation with $430 Million Funding Round

The UK-based digital bank Monzo has raised $430 million in a new funding round led by Alphabet's CapitalG, marking a significant step in its expansion and product development efforts.

Overview

  • Monzo's latest funding round was led by CapitalG, Alphabet's independent venture arm, and included investments from HongShan Capital, Tencent, and Passion Capital.
  • The funding will be used to accelerate Monzo's expansion plans, including a strategic relaunch in the U.S. market.
  • Monzo reported an 88% growth in revenues to £214.5 million in 2023, entering profitability for the first time.
  • The bank now boasts over 9 million retail customers in the UK, adding 2 million new clients in 2023 alone.
  • Monzo's valuation has risen to $5 billion, up from $4.5 billion in 2021, reflecting its growth and market confidence.