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Funding
Monzo raises USD 190 million in venture funding for global expansion
Neobanks
May 8, 2024
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May 8, 2024

Monzo raises USD 190 million in venture funding for global expansion

Funding

  • Monzo, a UK-based neobank serving individuals and businesses, has raised an additional USD 190 million in venture funding, bringing its total funding to USD 1.7 billion. The round was led by Hedosophia, with participation from CapitalG (Alphabet's growth fund) and GIC (Singapore's sovereign wealth fund).

  • The company intends to use the newly acquired funds to expand across the US and Europe and for product development. It aims to launch a pension product in the UK in the coming six to nine months, with a mortgage product planned for the long term. 

  • Monzo turned profitable last year and serves over 9 million retail customers in the UK, of which 2 million joined last year. It also serves more than 400,000 business customers. 

  • Analyst QuickTake: The company’s previous funding round was in March 2024 , during which it raised USD 430 million at a USD 5 billion valuation. The funds were earmarked to develop new products and expand into the US market.

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