UK digital bank Monzo has successfully raised $430 million in a funding round led by Alphabet's investment arm, CapitalG, achieving a valuation of $5bn, a significant increase from its $4.5 billion valuation in December 2021. The bank, which boasts 9 million customers, plans to use the new funds to expand its operations in the US. This move comes as part of Monzo's strategy to re-enter the US market, where it previously made attempts to establish a presence. The funding round also saw participation from HongShan, marking a notable investment from the former Sequoia China entity into non-Chinese companies. Additionally, Monzo reported a $600 million revenue run rate as of June 2023 and anticipates becoming profitable this year. The bank's growth is underscored by an increase of 2 million customers in the UK during 2023 alone. This fundraising event is particularly noteworthy given the current bearish sentiment in the fintech private market.