Alphabet's CapitalG led the $430m round, pushing the digital bank's valuation to $5bn.
"We’ve built incredible momentum in the business over the past few years which has led to us reaching more than 9 million customers, turning profitable and launching even more ground-breaking products. With backing from global investors, we have the rocket fuel to go after our ambitions harder and faster, building Monzo into the one app that sits at the centre of our customers’ financial lives. Each milestone we’ve reached to this point has given us more strength and speed to make strides towards our mission – now we’ll scale to even greater heights and seize the huge opportunity ahead."
Coterie Holdings backs the fintech platform as Michael Saunders joins the board.
"Coterie is the most ambitious and forward-thinking business in the wine trade right now. As a young business with big plans, we are thrilled to be able to leverage their deep expertise and infrastructure as we continue to aggressively scale"
The funding round was backed by Dragons' Den investors Sara Davies and Deborah Meaden to support financial inclusion.
"Going into the Dragons’ Den was a hugely emotional experience. I founded the business after experiencing my own parents’ struggles with money as their cognitive abilities declined. I had to open up about some very difficult times, but the Dragons were very supportive and empathetic."
The pre-seed round was led by Angel Invest with participation from industry veterans.
"During my tenure at Mastercard I experienced time and again the challenges presented by the fragmented banking landscape in the UK. When I discovered there was no easy solution available, I set out to create one myself, removing the challenges that UK consumers currently face when requesting payments from friends that bank with a different provider."
