Monzo, the innovative digital bank based in London, has successfully raised £340M (nearly €397.91M) in a new funding round, catapulting the bank’s valuation to £4B (nearly €4.68B). This strategic investment was led by CapitalG, Alphabet’s growth fund, and saw participation from tech giants GV and HSG, alongside existing investors such as Passion Capital and Tencent.
Gene Frantz, General Partner at CapitalG, commended Monzo for its role in transforming the banking industry, highlighting the bank’s customer-centric approach. “Monzo has emerged as the innovative, customer-centric bank that consumers have long craved,” said Frantz. Under the leadership of CEO TS Anil, the UK based firm combines the best of banking and technology to offer unique and inspiring digital experiences.
Advertisement
Utilizing Capital for Expansion and Product Development
Monzo, which recently reported a profitable year, plans to leverage the new funds to further its expansion and enhance its product offerings. The bank aims to become the primary app for managing customers’ entire financial lives, building on its momentum of securing over 9 million customers, 400,000 business clients, and doubling revenues.
The Vision for the Future
TS Anil, CEO of Monzo, expressed enthusiasm for the future, highlighting the bank’s significant growth and the introduction of groundbreaking products. “With backing from global investors, we have the rocket fuel to go after our ambitions harder and faster,” Anil stated. The company’s mission is to build the one app that sits at the center of customers’ financial lives, scaling to even greater heights.
About Monzo
Founded in 2015, the digital bank has quickly risen to become the 7th largest UK bank by customer numbers, offering a modern banking experience designed for the smartphone era. Officially regulated as a bank in August 2016, Monzo operates with a team of over 2,000 from its London headquarters and remote locations, collaborating with customers to co-create tools that empower them to manage their finances effectively.
With this latest funding round, the company is set to continue its trajectory as a leader in the digital banking space, driving innovation and providing customers in the UK and beyond with unparalleled financial services.
