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Monzo Raises Additional $190 Million
Today, the UK’s largest bank, Monzo announces it has raised an additional $190m (£150m), adding to its $430m (£340m) funding round in March, earlier this year. Bringing the total raised in this round to $610m (~£500m).
The additional $190m (£150m) was raised from new and existing investors, Capital G, Alphabet’s independent growth fund, invested again, alongside Hedosophia, this now values the company at an increased post-money valuation of $5.2bn (£4.1bn).
TS Anil, CEO of Monzo: “The huge interest we see from global investors is testament to the momentum and strength of our business model and the commitment of our teams, who put our customers at the heart of everything we do. With even more rocketfuel for our ambitions and exciting products in the pipeline, there’s no doubt in my mind that the best of Monzo is yet to come.”
The new capital will be used to accelerate Monzo’s expansion plans following a year of record growth that saw the company move into profitability, attract millions more customers, and launch a range of new products.
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