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Monzois now valued at $ 5.9 billion after the U.K.-based challenger bank confirmed a secondary market part sale to allow liquidity for its employees .
The transaction , firstrumored yesterday , saw existing investors such as Singapore ’s self-governing wealth fund ( GIC ) and StepStone Group procuring additional shares in the London - base fintech .
A subaltern market sale essentially rewards employees for getting a ship’s company to where it is , without having to go public — or at least buying it more fourth dimension .
It has been an action - packed year for Monzo . The companyraised $ 190 millionin May , just two month after kicking off a$425 millionSeries I assault that saw Alphabet ’s CapitalG and baby VC business firm GV making a rare co - investment . The startup has now raised around $ 1.5 billion since its founding nine years ago .
At the time of its March fundraise , Monzo pronounce its pre - money evaluation was £ 3.6 billion ( $ 4.6 billion ) , implying a post - money valuation of £ 4 billion ( $ 5 billion ) — this rating rose slightly with the second tranche that followed in May . The following month , Monzo report itsfirst full - year(pre - revenue enhancement ) net , with its revenue more than doubling from the previous year . The company claims 20 % of U.K. grownup as customers , as well as 6 % of businesses in the country .
This development , twin with a roadmap that admit a encompassing European expansion and architectural plan to accelerate its rollout in the U.S food market where itappointed a new CEOlast October , has clear been deemed sufficient for a valuation bump in the past five months .
Rival U.K. neobankRevolutrecentlyconfirmed a Modern valuation of $ 45 billionvia a similar secondary market sale , shortly aftersecuring its own banking licensein the U.K.and Mexico .
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“ It ’s great to be able-bodied to allow employees with some liquidity , while meeting further investor need for Monzo equity , ” Monzo CEO TS Anil said in a program line .
