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Alphabet leads £340m Monzo funding round

funding monzo
Image credit: Monzo

Monzo has confirmed a $430m (£340m) funding round led by CapitalG – Alphabet’s independent growth fund – following media speculation.

The fintech, which has become one of the largest digital banks in the UK with more than nine million users, has been valued at £4bn following the injection of capital.

The funding round was reported by the Financial Times last month to be in the final stages of completion. Monzo did not confirm the speculation at the time.

“We’ve built incredible momentum in the business over the past few years,” said Monzo CEO TS Anil.

“With backing from global investors, we have the rocket fuel to go after our ambitions harder and faster, building Monzo into the one app that sits at the centre of our customers’ financial lives....