- Monzo reaches $5.9B valuation after secondary market sale
- Company reports first full-year profit and significant customer growth
- Neobank plans European expansion and accelerated US rollout
Banking on Success
UK neobank Monzo has hit a new milestone, reaching a $5.9 billion valuation following a secondary market share sale.
This transaction, designed to provide liquidity for employees, saw existing investors like Singapore’s GIC and StepStone Group snapping up additional shares.
A Year of Financial Feats
Monzo’s valuation boost comes on the heels of an impressive year. The company raised $615 million in two rounds, reported its first full-year profit, and claims 20% of UK adults as customers. These achievements have clearly impressed investors, leading to the significant valuation increase.
Neobanks on the Rise
The fintech’s success mirrors that of its rival, Revolut, which recently hit a $45 billion valuation. Monzo’s plans for European expansion and accelerated US rollout suggest the neobank revolution is far from over, setting the stage for an exciting future in digital banking.
