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UK digital bank Monzo valued at $5 bln after new funding round

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UK digital bank Monzo valued at $5 bln after new funding round

















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Reuters

UK digital bank Monzo valued at $5 bln after new funding round

UK digital bank Monzo valued at $5 bln after new funding round

LONDON, March 5 (Reuters) –British digital bank has raised 340 million pounds ($431.26 million) at a 4 billion pound ($5.07 billion) valuation, the company said in a statement on Tuesday.

The round was led by CapitalG, a fund owned by Google-owner Alphabet GOOGL.O, and included investment from GV (Google Ventures) and Chinese venture capital firm HongShan Capital.

Monzo, which said it became profitable in March 2023, said it would use the funds to expand and introduce new products.

The company was valued at $4.5 billion in late 2021 after a previous funding round.

($1 = 0.7884 pounds)

Reporting by Elizabeth Howcroft
Editing by Tommy Reggiori Wilkes

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