Funding

[Funding alert] London-based Digital Bank Monzo Secures €397 Million in Funding

Mar 6, 2024 | By Startup Rise EU

London-based Digital Bank Monzo secures €397 million in funding. CapitalG, the well-known autonomous growth fund of Alphabet that has supported startups like Stripe and Airbnb, led this round.

London-based Digital Bank Monzo secures €397 million in funding. CapitalG, the well-known autonomous growth fund of Alphabet that has supported startups like Stripe and Airbnb, led this round.

Leading international tech investors GV (Google Ventures) and HSG (HongShan Capital), together with current sponsors Passion Capital and Tencent, are also participating in the round. Monzo's post-money valuation has climbed to $5 billion as a result of the transaction.

Read also - Copenhagen-based Meo Raises €1.67 Million in Funding

It wants to utilize the additional funds to quicken its expansion after a record-breaking year of growth that saw it enter profitability, draw in millions of new users, and introduce several new products.

Contributions will support an extensive product roadmap as the company moves closer to realizing its goal of becoming the one app users use for all of their financial management.

TS Anil, CEO of Monzo, said: “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 round comes after a record-breaking era of growth for Monzo, during which the company added 400,000 business clients and more than 9 million retail customers—2 million of whom joined in 2023 alone—at a record-breaking rate. Additionally demonstrating significant revenue growth, with revenues more than doubling in the most recent fiscal year, thanks to a diversification strategy that is generating high-quality revenue growth.

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Gene Frantz, General Partner at CapitalG, said: “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.”

About Monzo

They are creating a new type of bank, Monzo. One that is optimized for your modern lifestyle and runs on your smartphone. They think they can improve banking by attending to your needs promptly, treating you fairly, and being completely open and honest.

Read also - San Sebastian-based Multiverse Computing Secures €25 Million in oversubscribed Funding

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