Monzo Bank is closing a ￡350M Mega Round that would value the British digital bank at ￡4bn

Hey FinTech Fanatic!

Monzo Bank is on the verge of securing a fresh funding round, expected to boost its valuation to approximately ￡4 billion, sources revealed to Financial Times .

This emerging FinTech powerhouse in the UK is reportedly close to finalizing an investment deal within the next couple of weeks. The anticipated funding could reach up to ￡350 million, drawing contributions from both new backers and current investors.

Before this influx of capital, Monzo's valuation stands at around ￡3.6 billion, which is projected to rise to about ￡4 billion once the new funds are incorporated.

Leading the investment charge is Alphabet's investment wing, CapitalG, with significant contributions expected from a roster of investors including Tencent from China and Ribbit Capital from the US. Additionally, HongShan, a leading venture capital firm in China that recently branched out from Sequoia Capital, is also expected to participate in this round along with other investors.

This isn't the first time Monzo has attracted substantial investment; the company's last funding round in 2021 valued it at around ￡3.5 billion, with financial backing from entities such as Tencent, the Abu Dhabi Growth Fund, Coatue, and Accel.

In a testament to its growing customer base, Monzo recently announced it had exceeded 9 million customers , with a significant uptick of 2 million new customers in 2023 alone, which includes over 380,000 business accounts.

In addition to this breaking news, I've compiled more updates from the global FinTech industry for your perusal below?? (including a first glance of Revolut's new Crypto Exchange thats currently in Bèta).?

Cheers,

Marcel

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DIGITAL BANKING NEWS

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DONEDEAL FUNDING NEWS

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M&A

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MOVERS & SHAKERS

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