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Crypto-Friendly UK Unicorn Monzo Bank Secures £500M Investment from Airbnb and Uber Supporter

According to Sky News, Monzo, the digital bank, is reportedly increasing its fundraising efforts to £500 million in a round that involves both capital and other forms of investment. Sources suggest that Hedosophia, an early investor in tech giants like Airbnb and Uber, and Singapore’s Government Investment Corporation (GIC) are among the participants in this fundraising endeavor.

This significant investment round marks one of the largest ever achieved by a UK-based technology company. Insider information suggests that GIC is contributing over £50 million, while Hedosophia is also committing tens of millions of pounds. Notably, Hedosophia has previously invested in prominent tech firms such as Wise and Marshmallow.

This new funding adds to the $430 million raised from CapitalG, Alphabet’s independent growth fund, as well as HSG (HongShan Capital), along with existing supporters Passion Capital and Tencent. This round has boosted the company’s valuation to $5 billion, following a previous $500 million funding round in 2021.

Monzo, founded in 2015 by Tom Blomfield, Paul Rippon, Gary Dolman, Jonas Huckestein, and Jason Bates, initially started as a prepaid card offering online account opening, real-time spending notifications, and financial management tools. Over the years, it has evolved into a comprehensive platform providing social features, premium accounts, virtual account management, money management tools, and more.

CEO TS Anil recently stated that Monzo has become profitable and has surpassed challenger rivals like Starling and Revolut.

With over 9 million retail customers, including 2 million acquired in 2023 alone, and over 400,000 business customers, Monzo has experienced significant growth, doubling its revenue in the last financial year. Despite challenges in the post-COVID market, the fintech firm has rebounded by introducing new features such as Instant Access Savings, Monzo Investments, Cashback, Mortgage Tracker, and the Call Status fraud prevention tool.

Monzo account holders have the option to engage in cryptocurrency trading through various exchanges as part of their banking services with Monzo.

Similar to other regulated financial institutions, Monzo reserves the right to occasionally restrict certain transactions deemed risky. This policy applies universally to all transactions, regardless of whether they involve cryptocurrencies or not.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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