Monzo raises more than $500m from investors at $4.5bn valuation
UK digital challenger bank Monzo is now valued at $4.5 billion following a recent funding round.
Monzo is now valued at $4.5bn
The round is being led by Abu Dhabi Growth Fund with participation from Goodwater Capital, Coatue, Accel and Alpha Wave Ventures.
The neobank, founded in 2015, said in a post on its community forum that it has already closed the first batch of money — $480 million — with additional investment expected soon that will take the total raised to more $500 million.
The challenger bank previously raised around $230 million between 2020 and 2021.
The UK bank reported annual losses of £115 million in August, and also revealed an ongoing investigation by the Financial Conduct Authority (FCA).
The bank reported 200,000 paid subscribers, and that an extra one million new customers joined Monzo over the past 12 months.
It says deposits are up 124%, from £1.4 billion to £3.1 billion, while revenues have doubled.
In October, Monzo abandoned attempts to gain a US banking licence more than two years after it first started negotiations.
