UK digital bank Monzo completes $190 million funding, led by Hedosophia and CapitalG

2024-05-08 17:40:39

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ChainCatcher news, according to CNBC, the UK-based neobank Monzo has announced that it has raised another $190 million, bringing its total fundraising this year to $610 million. The new round of financing includes investments from Hedosophia and CapitalG, the independent growth fund of Alphabet. The Singapore government investment company GIC also participated in this financing. After this round of funding, Monzo's valuation has reached $5.2 billion.

It is reported that Monzo plans to use this funding to develop new products and accelerate its international expansion plans. Monzo CEO TS Anil stated that the company will launch its first pension product in the next 6 to 9 months, directly competing with traditional banks such as Barclays and NatWest. In addition, Monzo is also exploring entry into the US market and has hired a senior executive from Block's Cash App to serve as the US CEO.

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