Digital bank Monzo expands fundraising to £500m in deal with top tech investor

fintech
Created 4/28/2024
Updated 4/28/2024

Monzo, a leading UK digital bank, is finalizing an expanded £500m fundraising with new investors like Hedosophia and Singapore's GIC, setting the stage for a future public listing. Hedosophia, known for backing major tech firms such as Airbnb and Uber, joins other prominent backers in this funding round, highlighting Monzo's substantial growth and valuation over £4bn. This move, led by Capital G, Google's growth fund, positions Monzo for sustained expansion without further capital needs, signaling its readiness for an IPO in the near future. This development marks a significant recovery for Monzo, which had previously faced regulatory scrutiny but is now on track to profitability and expanding globally.

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