MONZO has secured a new
The firm was previously valued at
Other backers in the new funding round include Chinese venture capital firm HongShan and existing investors
Chief executive TS Anil said Monzo would use the funding to return to the US market. In 2021, the country's regulators told the firm, which is a fully licenced bank in the
Monzo hired a new US chief executive last year and has put forward plans to expand into the market by partnering with banks that are licenced there.
Anil said in December that there was a "huge gap" in the US, which was "very large with attractive economics". He added: "And it's one of the few markets in the world where you don't need share to get scale."
(c) 2024 City A.M., source