Monzo secures additional $190m funding from new and existing investors
Monzo has secured an additional $190 million in its latest round of funding, with the digital challenger’s post-money valuation now surpassing $5.2 billion.
Monzo secures an additional $190m for new growth
UK-based VC firm Hedosophia supported the raise as a new investor, alongside existing investors including CapitalG, the independent growth fund of Google’s parent company Alphabet.
The new funding adds to Monzo’s initial $430 million raise in March, which was led by CapitalG.
In a statement, TS Anil, CEO of Monzo, claims the additional funding exemplifies “the momentum and strength of our business model”, and hints that “with even more rocket fuel for our ambitions” that the “best of Monzo is yet to come”.
The digital challenger plans to leverage its latest funds to satisfy its ongoing growth initiatives. Some of its new products to have hit the market include instant access savings accounts, a retail investment service, cashback rewards, a mortgage tracker and a call status fraud prevention tool, among others.
The firm now serves more than 9 million retail customers – up 2 million from 2022’s figures – as well as over 400,000 business customers, a growth that supported the digital challenger’s shift into profitability in March 2023.
According to its latest financial statement, Monzo secured revenues of approximately $450 million in 2023.
The new funds will also likely help fuel the company’s renewed push to tap into the US market after the firm hired Conor Walsh, former head of global product at Square’s mobile payment service Cash App, as its new US CEO in October last year.
