Founded in 2009, Passion is a prominent seed venture capital fund in the UK and European ecosystem, having backed over 100 companies and managed multiple exits and unicorns. The firm invests from its fourth fund, Passion IV, focusing on European founders in fintech, AI, and risk.
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."
The seed round was led by Notion Capital and Triple Point Ventures to support team growth and clinical service expansion.
"Although there is 8x more spent on assisted reproductive technology (ART, including IVF, IUI, ICSI, etc) in Europe over the US, there are three unicorn companies in the US and none in Europe. It’s clear that there is a massive opportunity for a team with commitment to better outcomes to make a significant impact. We believe we have found this in Fertifa and are excited to see what can be achieved."
The seed round was led by White Star Capital with participation from Passion Capital, Blockchain Founders Fund, and numerous angel backers.
"The way we pay for things and send/receive money in the future will involve crypto rails and bridging traditional and decentralised systems. But today it’s riddled with a mirage of complexities and challenges."
Valar Ventures led the seed round with participation from Passion Capital and Leo Capital.
"For businesses on the high street, every penny counts. Businesses need fairer solutions that improve cash flow and keep prices down for their customers. Open banking payments with Atoa could make a significant impact to their bottom line."
The funding round was backed by Conviction VC, Passion Capital, Senovo, and prominent angel investors.
"Despite organisations investing heavily into content-based security awareness training, most security incidents are still caused by human mistakes. IT and security teams use our platform to surface behavioural data, spot these mistakes and empower employees to resolve them. Our clients are empowered to prevent any recurrence of these mistakes much more effectively than they would with traditional security awareness training."
