Monzo secures £60 million Series G Follow On investment led by Novator

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  • We’ve raised another £60m as part of our Series G funding round extension from both new and existing investors bringing our total raised this year – and during the global pandemic – to £125m
  • The funds have come from a clutch of new backers including Deliveroo and Stripe investor Novator, alongside Kaiser, TED Global, as well as existing investor Goodwater.
  • Investors join the likes of Y Combinator, General Catalyst, Accel, Passion, Thrive and Stripe, who all re-invested earlier this year. 
  • The funds will allow us to build on the successes of this year – we now have more than 60k business users and more than 100k customers across Monzo Plus and Monzo Premium. 
  • For these reasons, we’re feeling really good about going into the New Year in a really strong position
  • Our continuing ability to raise funds during a pandemic shows the confidence both new and existing investors continue to have in Monzo’s growth plans. 

Monzo CEO, TS Anil, said:

“We’ve raised £125 million this year, achieved strong organic growth and are now nearing five million customers, all while becoming the most switched to bank in the UK and the top rated for overall service. This news demonstrates the confidence that both our customers and investors have in Monzo. 
“We’ve shipped several exciting products this year, which are all outperforming our targets. We’re now excited to build on these successes in the year ahead, by shipping more new and innovative products which we know our customers will love. ”

Co-Founder and Managing Partner of Goodwater Capital, Chi-Hua Chien, said: 

“From the beginning, Monzo has been creating a new kind of bank that’s giving people more oversight and control over their finances than ever before.
“This is why Goodwater was an early backer and why we’re pleased to reaffirm our support for Monzo and its mission today.”

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Safiya Marzook

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