<div>
  <ul>
    <li>
      <p>
        Monzo, a UK neobank for individuals and businesses, has secured funding worth GBP 340 million (~USD 430 million) at a post-money valuation of GBP 4 billion (~USD 5 billion). The latest fundraising round was led by Capital G (owned by Alphabet), with participation from Google Ventures, HongShan Capital, and existing investors Passion Capital and Tencent.
      </p>
    </li>
    <li>
      <p>
        The company's total funds now stand at USD 1.5 billion, and it aims to use the fresh capital to develop its product roadmap and renew and accelerate its efforts to expand into the US market.
      </p>
    </li>
    <li>
      <p>
        The bank previously attempted to launch in the US in 2019, collaborating with community bank Sutton Bank. It also applied for a US banking license but was not granted one after two years of unsuccessful negotiations with regulators.
      </p>
    </li>
    <li>
      <p>
        Monzo currently serves more than 9 million retail customers and around 400,000 business customers in the UK.&nbsp;
      </p>
    </li>
    <li>
      <p>
        <b>Analyst QuickTake: </b>
        This funding round is also rumored to be the 
        <a href="https://sp-edge.com/updates/24186">
          final round
        </a>
         before Monzo goes public via an IPO. Its previous funding round was in December 2021, when it raised 
        <a href="https://sp-edge.com/updates/7215">
          USD 500 million
        </a>
         in a funding round led by the Abu Dhabi Growth Fund, valuing it at USD 4.5 billion. 
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


<div>
  <p>
    <a href="https://www.cnbc.com/2024/03/05/uk-neobank-monzo-hits-5-billion-valuation-after-430-million-raise.html">
      CNBC
    </a>
  </p>
  <p>
    <a href="https://www.finextra.com/newsarticle/43800/monzo-hits-5-billion-valuation-on-400-million-funding-round/retail">
      Finextra
    </a>
  </p>
  <p>
    <a href="https://techcrunch.com/2024/03/05/monzo-the-uk-challenger-bank-with-9-million-customers-raises-430-million/">
      TechCrunch
    </a>
  </p>
  <p>
  </p>
</div>


Neobanks

ANALYST_QUICK_TAKE

<div>
 <p>Monzo, a UK-based neobank serving both individuals and businesses, has recently secured GBP 340 million in funding, approximately equal to USD 430 million. This latest round of fundraising has significantly increased the company's post-money valuation, now standing at GBP 4 billion, or around USD 5 billion. The major contributors to this round of funding were Capital G, an Alphabet-owned company, Google Ventures, HongShan Capital, and returning investors Passion Capital and Tencent.</p>
 <p>The total funds that Monzo currently possesses amount to USD 1.5 billion. The company's plan for these fresh funds includes the development of their product roadmap. Additionally, Monzo intends to utilise this capital to renew and speed up their expansion plans in the US market.</p>
 <p>In 2019, Monzo had attempted to launch its services in the US market. It collaborated with Sutton Bank, a community bank, to achieve this. Besides, Monzo had also sought a US banking license. However, after two years of negotiations with regulators, the bank's application for the license was not successful.</p>
 <p>As of today, Monzo holds a broad customer base in the UK, serving more than 9 million retail customers and approximately 400,000 business customers.&nbsp;</p>
 
</div> <p><b>Analyst QuickTake:<br>
 </b> This funding round is also rumored to be the <a href="https:<br>
//sp-edge.com/updates/24186"> final round </a> before Monzo goes public via an IPO. Its previous funding round was in December 2021, when it raised <a href="https:<br>
//sp-edge.com/updates/7215"> USD 500 million </a> in a funding round led by the Abu Dhabi Growth Fund, valuing it at USD 4.5 billion.</p>

Monzo raises GBP 340 million at post-money valuation of GBP 4 billion

INCUMBENTS_PRESENT

<div>
 <ul>
  <li><p>Monzo, a UK neobank, is in advanced discussions to raise over GBP 300 million in funding. The raise was first announced in October. Alphabet's Capital G fund and other existing investors are expected to participate in this round.</p></li>
  <li><p>The funding is expected to close before the end of 2023 and will potentially value Monzo over GBP 4 billion, making it the top-valued digital bank in the UK. This could be the final round before Monzo goes public via an IPO.</p></li>
  <li><p>Monzo has over 8.5 million customers and has expanded to offer investment services in partnership with BlackRock.</p></li>
 </ul>
</div>

Monzo in discussions to raise over GBP 300 million led by Alphabet’s Capital G

New insurance models are disrupting a centuries-old industry with a focus on personalization and convenience.

Neo Insurance

DISRUPTOR_PRESENT

<div>
 <ul>
  <li><p>Monzo, a UK-based neobank serving individuals and businesses, has appointed Phoebe Hugh as the head of its insurance division.</p></li>
  <li><p>The company introduced travel and insurance services in 2020 as part of its Monzo premium account and has now hired Hugh to enhance and broaden its insurance offerings.</p></li>
  <li><p>Hugh spent three years at Aviva serving as an underwriter and product manager. In 2016, she founded Brolly, an AI-powered insurance startup, which was acquired by Direct Line in 2020.&nbsp;</p></li>
 </ul>
</div> Monzo, a UK-based neobank, has appointed Phoebe Hugh as the head of its insurance division. Hugh will focus on enhancing and expanding Monzo's insurance offerings. Monzo introduced travel and insurance services in 2020, which are part of its Monzo premium account. Prior to joining Monzo, Hugh served as an underwriter and product manager at Aviva for three years. In 2016, she founded Brolly, an AI-powered insurance startup, which was later acquired by Direct Line in 2020.

Monzo appoints InsurTech founder Phoebe Hugh to lead its insurance division

<div>
 <ul>
  <li><p>Monzo, a UK-based neobank, has appointed Phoebe Hugh as head of its insurance division.</p></li>
  <li><p>Monzo introduced insurance services in 2020 and has hired Hugh to enhance and broaden its offerings.</p></li>
  <li><p>Hugh previously worked at Aviva and founded Brolly, an AI-powered insurance startup, which was acquired by Direct Line.</p></li>
 </ul>
</div>

The CEO of Danish neobank, Lunar, has denied rumors of a potential merger with Monzo. Lunar currently serves both individuals and businesses and has over 750,000 customers in Denmark, Sweden, and Norway. The company plans to expand its services to Finland next year.

Danish neobank Lunar dismisses rumored merger with British counterpart Monzo

<div>
<ul>
<li><p>UK neobank Monzo is looking to raise over GBP 300 million (~USD 363.7 million) through a share sale. This could value the company at more than GBP 3.5 billion (~USD 4.2 billion).</p></li>
<li><p>The funds will be used to accelerate Monzo's growth initiatives as the company aims to become profitable this year.</p></li>
<li><p>Negotiations with investment funds are ongoing, and Monzo expects to finalize the deal by the end of the year. This could be its last funding round before going public.</p></li>
</ul>
</div>

Challenger bank Monzo aims to sell new GBP 300 million stake

Conor Walsh has been appointed as the CEO of Monzo's US operations, the UK neobank announced. Walsh, who was previously the global product head at Cash App, will oversee product strategy and growth in the US market. Monzo's plans for the US also include hiring more tech talent and enhancing its product offerings, which currently include money management features and a contactless debit card.

Monzo appoints Conor Walsh to head US operations

UK neobank Monzo has introduced an investment product that allows its customers to invest in funds managed by BlackRock. Customers can join a waitlist and those eligible can create investment pots and invest in three curated funds with varying levels of risk. Users can start investing with as little as £1 and have the flexibility to amend, cancel, or withdraw their investments whenever they choose. However, Monzo will restrict the opening of new investments for customers experiencing financial difficulty, such as falling behind on debt payments. Monzo currently serves over eight million customers in the UK.

All Updates

Monzo raises GBP 340 million at post-money valuation of GBP 4 billion

Monzo in discussions to raise over GBP 300 million led by Alphabet’s Capital G

Monzo appoints InsurTech founder Phoebe Hugh to lead its insurance division

Monzo appoints InsurTech founder Phoebe Hugh to lead its insurance division

Danish neobank Lunar dismisses rumored merger with British counterpart Monzo

Challenger bank Monzo aims to sell new GBP 300 million stake

Monzo appoints Conor Walsh to head US operations

Monzo launches ‘Investments’ for customers to invest in BlackRock-managed funds

Monzo considers merger with Danish neobank Lunar for European expansion

Monzo reports continuous losses despite robust topline growth in FY2023