Monzo raises $430 million

British digital bank startup Monzo has raised $430 million at a $5 billion post-money valuation. Alphabet’s CapitalG led the round, which was joined by Google Ventures, HongShan Capital, Passion Capital, and Tencent.

Founded in 2015, Monzo provides a variety of banking products including accounts and debit cards. It operates in the UK and US, serving 9 million customers.

The startup also provides travel insurance for Premium card holders in partnership with Zurich and Qover.

“We’ve built incredible momentum in the business over the past few years which has led to us reaching more than 9 million customers, turning profitable and launching even more ground-breaking products. With backing from global investors, we have the rocket fuel to go after our ambitions harder and faster, building Monzo into the one app that sits at the centre of our customers’ financial lives. Each milestone we’ve reached to this point has given us more strength and speed to make strides towards our mission – now we’ll scale to even greater heights and seize the huge opportunity ahead.” – TS Anil, CEO of Monzo.

“We’re thrilled to lead this investment round in Monzo. In an industry long rife with stagnation and uninspired customer service, Monzo has emerged as the innovative, customer-centric bank that consumers have long craved. Led by CEO TS Anil, Monzo is an exceptional company combining the best of banking and technology. We’re excited to support Monzo’s journey to provide customers in the UK and beyond with unique and inspiring digital experiences that they can depend on for all of their financial needs.” – Gene Frantz, General Partner at CapitalG.