Monzo, a London, UK-based digital bank, raised $430m in funding.
The round was led by CapitalG, with participation from HongShan, a Chinese venture capital firm, as well as existing investors Tencent and Passion Capital.
The company intends to use the funds to expand its business reach, mainly in the U.S., and continue to innovate and launch new products.
Led by CEO TS Anil, Monzo is a mobile bank offering both personal and business services. The company collects customer feedback to conduct its product roadmap to include innovative features (such as savings pots, instant spend notifications, flex spending cards, etc.) In addition to its Instant Access Savings Pot, Monzo recently launched Monzo Investments, Call Status and Cashback.
The company says it has more than 9 million customers, as well as approx. 400k business customers.
FinSMEs
13/03/2024