British neobank Monzo boosts funding round to $610 million to crack U.S. market, launch pensions
Publishing timestamp: 2024-05-08 05:24:35
Summary
British neobank Monzo raised $190 million from investors, bringing its total funding this year to $610 million and valuing the business at $5.2 billion. The CEO plans to use the cash to build new products, accelerate international expansion, and diversify income streams. Monzo is also looking to launch its first pensions product, expand internationally, and eventually offer mortgages. An IPO is not in the immediate plans as the focus is on growing the company at scale.
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