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