Funding round
Monzo Growth
Reported as "Growth Equity"
Monzo, which works in personal banking account services in London, raised $144M in a Growth round announced on 25 Jun 2019, led by Y Combinator, at a $2.55B post-money valuation. 9 firms took part. It is Monzo's third venture round on record; the one before was a Series D in Nov 2017.
$144M
Amount raised
113,000,000 GBP converted
$2.55B
Post-money valuation
$2.41B pre-money
9
Investors
1 lead
19x
Step-up from the Series C
$133M in Mar 2017
5.6%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Monzo at $2.55B after the new money, 19.2 times the $133M of its Series C (Mar 2017). The $144M bought investors about 5.6% of the company. It came 19 months after Monzo's Series D. It is 13% of the $1.09B Monzo has raised in the venture rounds on record. Monzo raised again 31 months later: a Growth round of $100M in Jan 2022, at $4.50B post-money.
Monzo's funding rounds
Monzo has 6 venture rounds on record and 1 other deal. This one is highlighted.
- Other not a venture round 20 Oct 2016, led by Passion Capital $5.9M$61M post-money
- Series C 29 Mar 2017 $27M$133M post-money
- Series D 6 Nov 2017, led by Stripes and Goodwater Capital $93M
- Growth this round 25 Jun 2019, led by Y Combinator $144M$2.55B post-money
- Growth 7 Jan 2022 $100M$4.50B post-money
- Growth 8 May 2024 $190M$5.20B post-money
- Series H+ 31 Dec 2024, led by CapitalG and GV $534M
Investors
Who put money in
Y Combinator led the round with 8 other firms.
Lead investor
- Y Combinator backs 1,295 venture-backed companies new investor
Also in the round
- Phoenix Court backs 45 venture-backed companies new investor
- General Catalyst backs 574 venture-backed companies new investor
- Stripes backs 101 venture-backed companies new investor
- backs 49 venture-backed companies new investor
- Thrive Capital backs 130 venture-backed companies new investor
- Goodwater Capital backs 162 venture-backed companies new investor
- Accel backs 581 venture-backed companies new investor
- Orange Digital Ventures new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
The closest in time, other companies' Growth rounds in Banks & ATMs:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Banks & ATMs | 7 Mar 2019 | $25M | not disclosed | not named |
| Cross River Banks & ATMs | 6 Dec 2018 | $100M | not disclosed | KKR |
| Banks & ATMs | 4 Dec 2018 | $30M | not disclosed | not named |
| Zopa Banks & ATMs | 9 Nov 2018 | $78M | not disclosed | not named |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did Monzo raise in its Growth round?
Monzo raised $144M in its Growth round, announced in Jun 2019.
Who led Monzo's Growth round?
Y Combinator led it, with Phoenix Court, General Catalyst, Stripes, Passion Capital and Thrive Capital and 3 more.
What was Monzo's valuation at the Growth round?
$2.55B post-money ($2.41B pre-money).
Did Monzo raise again after this round?
Yes: a Growth round in Jan 2022 of $100M at $4.50B post-money.