Monzo has raised one other 150 million kilos ($190 million) because the challenger bank looks to expand its presence internationally – particularly within the US
The recent round comes just two months after Monzo raised £340 million ($425 million), meaning the London-based company will now have over $610 million and $1.5 billion in 2024. dollars since its inception nine years ago.
In the primary tranche of the Series I round, Alphabet’s CapitalG and Google’s GV made a rare joint investment, alongside well-known backers corresponding to HongShan Capital (formerly Sequoia Capital China), Passion Capital and Tencent. With this expansion, existing investors corresponding to CapitalG, alongside recent investors, threw more cash into the pot Hedosophiawho had previously supported Monzo rival Wise.
In March, Monzo said its pre-money valuation was 3.6 billion kilos ($4.6 billion), giving it a post-money valuation of 4 billion kilos ($5 billion). Now the corporate says its post-money figure is 4.1 billion kilos ($5.2 billion), meaning not much has modified within the last two months.
While Monzo is primarily known in its home market of Great Britain, the corporate has been trying to achieve a foothold within the USA for several years. But without its own banking license, it has been operating as a mobile banking app since 2010 Partnership with Sutton Bank in Ohio for the reason that starting of 2022. The company appointed a brand new CEO for its US operations, the hiring of a head of worldwide products for Blocks Cash App back in October, Conor Walshto steer Stateside.
In the UK, Monzo now has greater than 9 million private customers and 400,000 business customers. Sales doubled within the last fiscal 12 months, and since the corporate has a large war chest, it’s well-funded to try to duplicate a few of that success across the pond.
“The strong interest we are seeing from global investors is a testament to the dynamism and strength of our business model and the commitment of our teams, who put our customers at the heart of everything we do,” Monzo CEO TS Anil said in an announcement issued to TechCrunch. “With even more rocket fuel for our ambitions and exciting products in the pipeline, there is no doubt in my mind that the best of Monzo is yet to come.”
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