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Today ’s investiture is an important tidbit of data as massive funding circle have become a rarity over the preceding class or so — unless you ’re working on an AI foundation model .
As a reminder , according to Atomico ’s latestreport on the state of European technical school , inauguration funding has fall to $ 45 billion in 2023 compared to $ 82 billion in 2022 and $ 100 billion in 2021 . American VC firms have pulled back on European investments , and crossover investor like Tiger Global or Coatue have drastically slowed down their investment pace in technical school startup .
That ’s why Monzo is sort of defying the odds with this unexampled funding around , with Google play a self-aggrandizing part in this investment funds . CapitalG , the growth investment firm of Google ’s parent company Alphabet , is leading the round . GV , Google ’s venture fund , is also participating , as well as HongShan Capital ( the VC firmformerly knownas Sequoia Capital China ) and existing angel , such as Passion Capital and Tencent .
And yet , Monzo ’s trajectory has n’t always been going up and to the right . After growing nicely in its dwelling house market , the party tried to expatiate to other markets , including the U.S. But Monzo terminate upshuttering its U.S. teamand refocusing on the U.K.
In 2020 , it even had toraise a down daily round , mean that its full valuation went down between two financing rounds . A few months afterwards , its iconic founder and CEO Tom Blomfieldleftthe challenger bank . He is now apartner at Y Combinator .
The company ’s operation improved rapidly , in part due to rising interest rate . The startup now generates revenue from immediate payment and balances at key depository financial institution . Monzo reached a post - money $ 4.5 billion valuation in 2022 .
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Monzo has nine million retail customers in the U.K. In 2023 alone , the company add together two million customers . There are also 400,000 companionship using Monzo for their business banking needs .
In addition to checking accounts and debit entry card , Monzo diversified its product portfolio with savings accounts , access to three investiture funds ( ETFs ) and some credit intersection . basically , Monzo still conceive it can build a one - halt shop for all your financial needs . The society say that it became profitable in March 2023 .
