Monzo has raised another 150 million pounds ($190 million) as the embattled bank looks to expand its presence internationally — particularly in the U.S.
The new round comes just two months after Monzo raised 340 million pounds ($425 million), meaning the London-based company has raised $610 million in 2024 and $1.5 billion since it was founded nine years ago .
The first tranche of the Series I round saw Alphabet’s CapitalG and Google’s GV make a rare co-investment, alongside notable backers such as HongShan Capital (formerly Sequoia Capital China), Passion Capital and Tencent. This expansion saw existing investors like CapitalG throw more cash into the pot, along with new backers Land philosophywhich previously supported Monzo’s rival Wise.
In March, Monzo said its pre-money valuation was £3.6 billion ($4.6 billion), translating to a post-money valuation of £4 billion ($5 billion). Now, the company says the post-money figure is £4.1 billion ($5.2 billion), meaning not much has changed in the past two months.
While Monzo is mostly known in its home market of the UK, it has been trying to break into the US for a few years now. But without its own banking license, it functions as a mobile banking app partnership with Sutton Bank of Ohio from the beginning of 2022. The company appointed new CEO for its US operations in October, hiring a global head of product for its cash app Block; Conor Walshto drive Stateside.
In the UK, Monzo now claims more than 9 million retail customers and 400,000 business customers. Its revenue doubled in its most recent financial year, and with a real war chest at its disposal, the company is well-funded to try to emulate some of that success across the pond.
“The tremendous interest we are seeing from global investors is a testament to the momentum and strength of our business model and the commitment of our teams, who put our customers at the heart of everything we do,” said Monzo CEO TS Anil. in a statement. published in TechCrunch. “With even more rocket fuel for our ambitions and exciting products in the pipeline, there’s no doubt in my mind that Monzo’s best is yet to come.”
