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Monzo raises further $190 million

Monzo raises further $190 million

Challenger bank Monzo has raised another $190 million with support from Hedosophia, an early backer of Airbnb and Uber, Alphabet fund Capital G, and Singapore's Government Investment Corporation (GIC).

News of the new funding round comes just weeks after the app-only bank secured $400 million in financing, boosting it valuation to $5 billion.

Monzo currently claims more than nine million personal account customers, making it the 7th biggest retail bank in the UK by customer numbers.

After a rocky post-pandemic, the lender has bounced back strongly, rolling out a series of new services for pension and investment and preparing for a move into the insurance segment. After years of losses, the bank is expecting to finally hit profitability this year.

The new funding will be used on product development and for international expansion, both across Europe and into the US.

Comments: (1)

A Finextra member
A Finextra member 09 May, 2024, 01:39Be the first to give this comment the thumbs up 0 likes So Monzo has raised $590 million in two weeks. When are these ‘banks’ ever going to turn a profit. I’m just thinking.. one of their customers goes into the bank and says hello, we’ve been going ten years we haven’t made a profit as yet but can we have a loan please’. So this is what you have to do to get a free pass to money20/20 and an MBE.

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