Monzo Raises $430 Million in Funding, Plans to Relaunch Services in the U.S.

The UK digital bank Monzo has successfully raised $430 million in a new funding round, bringing its value to $5 billion post-money. The round was led by Alphabet's CapitalG venture arm, with participation from HongShan Capital and Monzo's existing investors Tencent and Passion Capital. Monzo will use these funds to accelerate its expansion plans, including relaunching its digital banking services in the important US market. The neobank achieved profitability earlier this year and grew revenues by 88% in 2023. Monzo now serves over 9 million retail and 400,000 business customers across the UK.