According to reports, Monzo is nearing completion on a new investment round that would put the worth of the British fintech business at over £4 billion.
With over nine million customers, the digital bank based in London has emerged as one of the most well-liked financial service providers. Currently, it is nearing the end of its fundraising campaign to raise up to £350 million.
According to reports, the transaction would give the company a pre-money worth of about £3.6 billion, and when the new capital is taken into account, the price would likely approach £4 billion.
The fresh round is purportedly being led by Alphabet, the parent company of Google, through its investment firm CapitalG. HongShan, which was originally Sequoia’s Chinese division but is now a stand-alone company with its headquarters in Beijing, US-based Ribbit Capital, and Chinese conglomerate Tencent are among the other anticipated investors.
Monzo, a 2015 founded startup, was a pioneer in the development of challenger banks.
After obtaining a UK banking license in 2017, the company has grown in popularity among UK customers and has been consistently named as the top provider of customer satisfaction by the Competition and Markets Authority (CMA).
Since its founding, Monzo has raised more than $1 billion in funding. One of the most recent rounds saw the Abu Dhabi Growth Fund lead an investment of $500 million in December 2021.