Monzo is expanding its fundraising to £500m with backing from Hedosophia and GIC.
The digital bank is securing capital from high-profile backers to fuel its ongoing expansion.
A digital bank providing personal and business financial services, accounts, and tools.
Digital bank Monzo is expanding its fundraising efforts to reach £500m in capital, with participation from Hedosophia and Singapore's Government Investment Corporation. Sources indicate that GIC is committing upwards of £50m, while Hedosophia is also contributing tens of millions to the round.
The raise adds to a recent $430m influx from backers including CapitalG, GV, HongShan Capital, Passion Capital, and Tencent, which previously pushed the company valuation to $5bn. Monzo has experienced rapid expansion, recently surpassing 9m retail customers and over 400,000 business accounts.
The firm has returned to profitability following the introduction of several financial products such as Instant Access Savings, Monzo Investments, and the buy now, pay later feature Monzo Flex.
