- ORIGINAL NEWS
British neobank Monzo raises $430 million in Alphabet-led round to relaunch in the U.S.
- SUMMARY
Monzo, a popular digital bank in the UK, has raised $430 million to support its expansion plans.
The investment, led by Google’s venture arm CapitalG, will be used to relaunch their services in the US after their previous attempt was halted due to regulatory issues.
Monzo’s aim is to become a central hub for its customers’ financial needs, offering features such as investment products.
With the fresh funding, they plan to accelerate their growth in the UK, where they’ve seen significant success, and gain a foothold in the US market.
- NEWS SENTIMENT CHECK
- Overall sentiment:
positive
Positive
“Monzo reported bumper growth in 2023 and entered the black for the first time in the first two months of 2023.”
“Monzo said it now has more than 9 million retail customers in the U.K., and that it added 2 million of those clients in 2023 alone.”
Negative
“Monzo previously tried launching in the U.S. in 2019, with a beta product available for American consumers.”
“It wanted to acquire a full U.S. bank license, but it was forced to abandon this plan in 2021 after a fruitless two-year discourse with regulatory authorities.”