a year ago

Monzo Secures $190 Million for US Expansion

  • UK challenger bank Monzo has raised another $190 million in a Series I funding round, bringing its total funding for 2024 to over $610 million

  • The round was led by Alphabet's CapitalG and Google's GV, with participation from existing investors and new backer Hedosophia

  • Monzo plans to use the funds to expand its presence internationally, particularly in the US

  • The company currently has over 9 million retail customers and 400,000 business clients in the UK.

      • ProblemFinancial Services

      "Expanding a challenger bank internationally, particularly in the US, requires navigating regulations, building trust, and acquiring customers in a new market."

      Solution

      "Monzo offers a mobile-first banking experience, partners with a US bank to overcome licensing hurdles, and leverages its UK success and substantial funding to fuel its US expansion."

      Covered on