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.

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.