Hello everyone, I’m excited to confirm we’ve raised £340 million ($430 million) in new investment.
The fundraise has been led by a new investor CapitalG, Alphabet’s independent growth fund that’s backed companies like Stripe and Airbnb. Other leading tech investors like GV (Google Ventures), and HSG (HongShan Capital) have participated too, alongside existing investors including Passion Capital and Tencent.
We’re so excited about what the new injection of capital will enable us to do, fuelling our plans to keep growing the business, developing our products and bringing Monzo to more people.
The round values Monzo at a pre-money valuation of £3.6 billion ($4.6 billion) and our share price remains at £14.41. As we raised £340 million ($430 million) in new funding, post-money the company’s valued at £4 billion ($5 billion).
Against an extremely challenging backdrop, it’s a real vote of confidence from investors in the company and our trajectory. The new investment shows strong support for our strategy, that’s seen us double revenues year-on-year and move into profitability, ship important products like Investments that serve more of our customers’ financial lives, and bring Monzo to 9 million customers – 2 million last year alone!
In the current market conditions, less capital has been flowing into private companies. Many are finding it difficult to raise funding and even growing businesses are seeing valuations fall. Raising capital from respected investors in this climate is a strong result that makes us a significant outlier in the market. For those of you who are crowd investors and have questions about the share price, we hope this offers relevant context.
The new investment will help fuel our continued growth and we can’t wait for what’s next!
Huge thanks as always for your support and feedback on the way – Crowdcube will be sending out a similar update to crowd investors on our behalf soon too.