UK digital bank Monzo has successfully raised $430 million in a funding round led by Alphabet's investment arm, CapitalG, reaching a valuation of $5 billion, an increase from $4.5 billion in December 2021. The funds, equivalent to £340M, are earmarked for Monzo's expansion into the US market. This marks a significant step for Monzo, the UK's largest digital bank, which boasts 9 million customers, having added 2 million in 2023 alone. The bank, which has seen a revenue run rate of $600 million as of June and expects to become profitable within the year, is making a strategic re-entry into the US market. The funding round also saw participation from HongShan, a move highlighting the investor's interest in non-Chinese companies.