Monzo raises $430m from CapitalG and other investors to accelerate expansion
Alphabet's CapitalG led the $430m round, pushing the digital bank's valuation to $5bn.
≈ £338M at $1 = £0.7871 on 5 Mar 2024
A digital bank providing personal and business financial services, accounts, and tools.
Monzo has secured $430m in a funding round led by CapitalG, Alphabet's independent growth fund. The investment values the London-based digital bank at $5bn following a period of record growth and profitability.
The round drew participation from GV, HSG, and existing backers Passion Capital and Tencent. The fresh capital will be deployed to accelerate the company's ongoing expansion plans and support new product development.
The raise follows strong customer acquisition figures, with the platform passing 9m retail users alongside significant traction in its business banking segment. Monzo intends to use the backing to scale its operations further.
From the founder
"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."
TS Anil
CEO at Monzo
Investor perspective
"We’re thrilled to lead this investment round in Monzo. In an industry long rife with stagnation and uninspired customer service, Monzo has emerged as the innovative, customer-centric bank that consumers have long craved. Led by CEO TS Anil, Monzo is an exceptional company combining the best of banking and technology. We’re excited to support Monzo’s journey to provide customers in the UK and beyond with unique and inspiring digital experiences that they can depend on for all of their financial needs."
Gene Frantz
General Partner, CapitalG
Use of funds
- 01Expand into international markets
- 02Continue product development
