Monzo raises £60m in a Series G extension led by Novator to support product growth
The digital bank secured £60m from new and existing backers, bringing its total funds raised this year to £125m.
Monzo operates a digital banking platform that provides financial services and mobile banking tools. The business offers a centralised application designed to manage personal finances.
Monzo has secured £60m in a Series G funding round extension, bringing its total funds raised during the year to £125m. The latest injection was led by Novator, with participation from Kaiser, TED Global, and returning backer Goodwater.
The company will direct the capital towards building on recent operational successes, which include growing its business user base past 60k and reaching over 100k subscribers across its Monzo Plus and Monzo Premium offerings.
Existing investors such as Y Combinator, General Catalyst, Accel, Passion, Thrive, and Stripe also participated in earlier tranches this year.
Investor perspective
"“From the beginning, Monzo has been creating a new kind of bank that’s giving people more oversight and control over their finances than ever before.“"
Chi-Hua Chien
Co-Founder and Managing Partner, Goodwater Capital
Use of funds
- 01Continue product development