British digital bank Monzo completes US$430 million in financing
UK digital bank Monzo has raised $430 million in a new funding round led by CapitalG, the independent venture capital arm of Google's parent company Alphabet. Monzo stated that the new funds will be used to accelerate its expansion plans, including a renewed attempt to expand its services to the US. Monzo reported that revenue in 2023 increased by 88% to £214.5 million (approximately $272 million), up from £114 million in 2022. It is reported that Horizons Ventures, a Chinese venture capital firm that separated from Sequoia Capital last year, also supported this round of funding, along with existing supporters Tencent and Passion Capital.
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