From CNBC:

British digital bank Monzo raised $430 million in new funding led by CapitalG and HongShan, backed by Tencent and Passion Capital. The funds will help Monzo accelerate expansion plans, including relaunching in the U.S. after previous regulatory hurdles. Monzo achieved profitability in 2023 and reported 88% revenue growth.

Monzo is allocating a significant portion of the new funding towards relaunching its services in the U.S. The digital bank previously tried to launch in the U.S. in 2019 but faced regulatory challenges. To re-enter the market, Monzo has hired a new U.S. CEO and is focusing on new product offerings like investment pots. Monzo now has over 9 million retail customers and 400,000 business banking customers.



Read more: UK neobank Monzo hits $5 billion valuation after $430 million raise