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Monzo has raised another £ 150 million ( $ 190 million ) , as the competition bank looks to expand its mien internationally — particularly in the U.S.
The young cycle come just two months afterMonzo put up £ 340 million($425 million ) , meaning the London - based company has now raised north of $ 610 million in 2024 , and $ 1.5 billion since its origination nine years ago .
The first tranche of the Series I lash out saw Alphabet ’s CapitalG and Google ’s GV make a rare co - investment , alongside notable backers including HongShan Capital ( formerly Sequoia Capital China ) , Passion Capital and Tencent . This extension saw live investor such as CapitalG throwing more hard cash into the throne , alongside newfangled backerHedosophia , which had antecedently backed Monzo competition , Wise .
In March , Monzo said its pre - money rating was £ 3.6 billion ( $ 4.6 billion ) , translating to a post - money valuation of £ 4 billion ( $ 5 billion ) . Now , the company says its post - money trope is £ 4.1 billion ( $ 5.2 billion ) , meaning not much has changed in the past two calendar month .
While Monzo is mostly love in its domestic U.K. market , ithas been trying to crack the U.S. for some class . But without a banking license of its own , it has been operating as a peregrine banking app inpartnership with Ohio ’s Sutton Banksince early 2022 . The company appointeda new CEOfor its U.S. operations back in October , hiring head of global Cartesian product for Block ’s Cash App , Conor Walsh , to lead Stateside .
In the U.K. , Monzo now claims more than 9 million retail client and 400,000 node in the business realm . Its revenues doubled in the most late financial year , and with a veritable war - chest at its administration , the company is well - financed to stress and emulate some of this achiever across the pond .
“ The immense interest we see from spheric investors is testament to the impulse and strength of our clientele model and the commitment of our teams , who put our customer at the heart of everything we do , ” Monzo CEO , TS Anil , said in a statement issue to TechCrunch . “ With even more rocketfuel for our ambition and exciting products in the pipeline , there ’s no dubiousness in my mind that the best of Monzo is yet to come . ”
