Monzo Hits $4.5 Billion Valuation with $500 Million Investment

​Fazzaco learned that Monzo, a UK-based digital bank, has raised nearly $500 million in a funding round, boosting its valuation to $4.5 billion. 

As detailed in the official announcement, the latest funding round was led by Abu Dhabi Growth Fund, with participation from Coatue Management, Alpha Wave Ventures, Accel and Goodwater. 

The neobank plans to utilise the new funds to push into new product areas, having recently launched a buy now, pay later (BNPL) tool. It was making progress improving its finances and had doubled revenues this year as it rolled out more paid-for services, with 300,000 now using paid accounts. Staff numbers have also grown 60% since January this year to 2,100.

"This investment means we'll grow further and faster as we continue on our journey to reinvent banking, and become the one app that sits at the centre of our customers' financial lives," commented TS Anil, CEO at Monzo.