Subscribe to our newsletter and stay informed

Check out our list of top companies

Check out our carefully compiled lists of the most relevant and impactful companies within their fields.

Check out our list of top unicorns

Read and learn about the biggest companies that various countries have produced, how they made it, and what the future looks like for them.

Monzo Secures $610 Million to Expand Globally

British neobank Monzo announced a significant boost in its funding, raising an additional $190 million
May 8, 2024

In a significant move, British neobank Monzo announced on Wednesday that it had secured an additional $190 million, bringing its total fundraising for the year to an impressive $610 million.

The latest investment round saw participation from new investors, including Hedosophia, known for backing top European fintechs such as N26 and Qonto, as well as CapitalG, Alphabet’s independent growth fund.

Additionally, Singaporean sovereign wealth fund GIC joined Monzo's latest fundraising efforts. However, details of GIC’s involvement have not yet been made public.

This recent funding round has increased Monzo's valuation to approximately $5.2 billion, up from $5 billion in March when it raised $430 million. According to Dealroom data, the total $610 million round marks the largest funding round for a European fintech in the past year.

TS Anil, CEO of Monzo, expressed his company's plans for the newly acquired funds, stating, “At the heart of it, we are a mission-oriented company that’s looking to build a single place where people can meet all of their financial needs."

Anil further added, “What’s exciting to me is that, as we pursue that mission of changing people’s relationship with money, we’ve built a business model that is congruent with that as well, with this model that is built entirely around the customer.”

Monzo, which turned profitable for the first time last year, aims to further increase its profits by diversifying into other income generators such as lending and savings. Anil revealed that Monzo is planning to launch its first pensions product within the next six to nine months, putting it in direct competition with traditional lenders like Barclays and NatWest.

In addition to focusing on the U.K. market, Monzo is also eyeing international expansion. Despite challenges in the U.S. market, the company recently restarted its U.S. expansion efforts. Anil emphasized the importance of getting the product right in the U.S., where major incumbents like JPMorgan and Citibank dominate.

While European expansion is also on the horizon, Monzo is considering longer-term plans to launch a mortgages product, positioning itself as a more aggressive player in the lending market. Although an initial public offering (IPO) is in the cards for Monzo, Anil believes it is still too early to discuss, focusing instead on scaling up the company before considering going public.

More about: 

Last related articles

chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram