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UK Neobank Monzo raised an upround from CapitalG & HongShan, plans to re-enter the US. Reportedly at a $600M rev run rate in in 6/23. 9M customers in the UK (+2M in 2023), expects profitability in '24 Notably, HongShan (fmr Sequoia China) is investing in non-Chinese companies. https://t.co/E1rmIqLtlI
Monzo raised a slight upround from CapitalG & HongShan, plans to re-enter the US. They were reportedly at a $600M revenue run rate in June. 9M customers in the UK (+2M in 2023), expect to be profitable this year. HongShan (fmr Sequoia China) is investing in non-Chinese cos! https://t.co/ZTbNj3COiF
Monzo, the UK challenger bank with 9 million customers, raises $430 million: https://t.co/gbNF6mKDZE by TechCrunch #infosec #cybersecurity #technology #news
UK digital bank Monzo has successfully raised $430 million in a funding round led by Alphabet's investment arm, CapitalG, achieving a valuation of $5 billion, up from $4.5 billion in December 2021. This significant capital injection, equivalent to £340M, is aimed at fueling Monzo's expansion efforts in the United States. The bank, which is the UK's largest digital bank, has garnered a customer base of 9 million users, with an impressive addition of 2 million customers in 2023 alone. Furthermore, Monzo has reported a revenue run rate of $600 million as of June 2023 and anticipates reaching profitability within the year. The funding round also saw participation from HongShan, marking a strategic investment by the former Sequoia China entity in non-Chinese companies.