20 November 2023

Monzo taps funds from Google parent company

Written By FinTech Alliance

Monzo taps funds from Google parent company

UK neobank Monzo is set to announce a bumper fundraise led by Google’s owner Alphabet.

In brief:

-Capital G, a fund investing on behalf of the $1.7trn tech giant is in talks with Monzo to invest in its first cash injection for two years, according to a Sky News report.

-Fast forward two years and Monzo has nearly doubled its customers to 8.5 million and reported that it is nearing profitability.

-While the deal is yet to be concluded, the report suggests it will be finalised this year.

What does this mean?

Monzo last raised money in its 2021 $475m round which was led by new investors including the Abu Dhabi Growth Fund, the sovereign investment arm of the government of the United Arab Emirates.

Read more here.

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