Funding round
Monzo Growth
Reported as "Growth Equity"
Monzo, which works in personal banking account services in London, raised $190M in a Growth round announced on 8 May 2024, at a $5.20B post-money valuation. 4 firms took part, 1 of them already investors. It is Monzo's fifth venture round on record; the one before was a Growth in Jan 2022.
$190M
Amount raised
$5.20B
Post-money valuation
$5.01B pre-money
4
Investors
no lead named
1.2x
Step-up from the Growth
$4.50B in Jan 2022
3.7%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Monzo at $5.20B after the new money, 1.2 times the $4.50B of its Growth (Jan 2022). The $190M bought investors about 3.7% of the company. It came 28 months after Monzo's Growth. It is 17% of the $1.09B Monzo has raised in the venture rounds on record. Monzo raised again 7 months later: a Series H+ round of $534M in Dec 2024.
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 25 Jun 2019, led by Y Combinator $144M$2.55B post-money
- Growth 7 Jan 2022 $100M$4.50B post-money
- Growth this round 8 May 2024 $190M$5.20B post-money
- Series H+ 31 Dec 2024, led by CapitalG and GV $534M
Investors
Who put money in
4 firms took part; no lead investor was named.
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
9 Growth rounds in Banks & ATMs within a year either side disclosed an amount; the median was $111M, and this round was 1.7 times the median. The closest in time, other companies' Growth rounds in Banks & ATMs:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Banks & ATMs | 11 Mar 2024 | $139M | not disclosed | not named |
| Banks & ATMs | 19 Dec 2023 | $125M | not disclosed | J.C. Flowers & Co. |
| Banks & ATMs | 29 Dec 2023 | $35M | not disclosed | not named |
| Banks & ATMs | 4 Nov 2024 | $32M | not disclosed | Parasol V27 |
| Banks & ATMs | 17 Dec 2024 | $350M | not disclosed | not named |
| Current Banks & ATMs | 13 Dec 2024 | $200M | not disclosed | not named |
| Banks & ATMs | 20 Dec 2024 | $37M | not disclosed | TBC Bank Group PLC |
| Banks & ATMs | 24 Jul 2023 | $111M | $1.83B | not named |
Sources
Where this comes from
Reported by 4 sources. The deal data marks this round as not yet confirmed by an official announcement. Unconfirmed
Questions
Frequently asked
How much did Monzo raise in its Growth round?
Monzo raised $190M in its Growth round, announced in May 2024.
Which investors took part in Monzo's Growth round?
Hedosophia, CapitalG, GIC and Alphabet Inc..
What was Monzo's valuation at the Growth round?
$5.20B post-money ($5.01B pre-money).
How does it compare with other Growth rounds in Banks & ATMs?
9 Growth rounds in Banks & ATMs within a year either side disclosed an amount; the median was $111M, and this round was 1.7 times the median.
Did Monzo raise again after this round?
Yes: a Series H+ round in Dec 2024 of $534M.