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Monzo Secures $400m Funding Round Led by CapitalG

Monzo, the popular fintech company in the UK, has officially confirmed a $400m (┬ú315m) funding round led by CapitalG, AlphabetÔÇÖs independent growth fund. This news comes after weeks of media speculation surrounding the investment.

The injection of capital has boosted Monzo’s valuation to an impressive ┬ú4bn, solidifying its position as one of the largest digital banks in the UK with over nine million users. The funding round, which was previously reported by the Financial Times, is now in its final stages of completion, as confirmed by Monzo.

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CEO TS AnilÔÇÖs Vision for Monzo

Monzo CEO TS Anil expressed excitement about the future prospects of the company, stating, ÔÇ£WeÔÇÖve built incredible momentum in the business over the past few years. With backing from global investors, we have the resources to accelerate our ambitions and transform Monzo into the ultimate financial app that centralizes our customers’ financial lives.”

He added, ÔÇ£Each milestone weÔÇÖve achieved so far has propelled us forward, and now, with this new funding, we are poised to reach even greater heights and seize the immense opportunities that lie ahead.”

Diverse Support for Monzo

In addition to CapitalG, the funding round for Monzo saw participation from esteemed investors such as Google Ventures, HongShan Capital, Passion Capital, and Tencent. This eclectic mix of backers highlights the widespread confidence and belief in Monzo’s disruptive approach to banking.

CapitalG general partner Gene Frantz commended Monzo for its innovative and customer-centric approach, noting, ÔÇ£Monzo is an exceptional company that merges the best of banking and technology. We look forward to supporting Monzo in its mission to deliver unparalleled digital experiences to customers in the UK and beyond.”

Monzo’s Financial Milestones

Notably, in the previous summer, Monzo achieved monthly profitability for the first time, marking a significant milestone for the company after successfully reducing its annual losses. This achievement underscores Monzo’s commitment to sustainable growth and financial stability.

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