British challenger bank Monzo has completed a heavily-trailed $400 million funding round, boosting its valuation to $5 billion, according to Finextra.
The round, a reward for pushing the bank towards profitability, was led by Alphabet-owned Capital G, with support from Google Ventures, HongShan Capital, as well as existing backers including Passion Capital and Tencent.
Monzo last raised money in late 2021, securing $500 million at a $4.5 billion valuation – three times the £1.1 billion price tag it attracted in its previous discounted capital-raise earlier that year.
News of the deal comes as Monzo reports more than nine million personal account customers, making it the 7th biggest retail bank in the UK by customer numbers.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
