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# UK Neobank Monzo Raises Additional $190 Million to Take Total 2024 Fundraise to $610 Million
- URL: https://www.theglobalbanker.com/uk-neobank-monzo-raises-additional-190-million-to-take-total-2024-fundraise-to-610-million/
- Published: 2024-05-08T15:53:00.000Z
- Updated: 2026-10-02T12:55:59.000Z
- Description: Monzo has raised a further £150 million ($190 million), bringing its total 2024 fundraise to $610 million at a post-money valuation of £4.1 billion ($5.2 billion).
- Author: TGB Editorial Team
- Tags: Fintech, Europe, #archive

British neobank Monzo has raised an additional £150 million ($190 million) in a follow-on funding round, taking its total capital raised in 2024 to $610 million and valuing the challenger bank at £4.1 billion ($5.2 billion) on a post-money basis. The May fundraise follows a £340 million ($430 million) raise completed in March 2024.

The latest tranche brought in new backer Hedosophia alongside Alphabet's independent growth fund CapitalG and Singapore's sovereign wealth fund GIC. 

#### US EXPANSION AND UK PENSIONS

Monzo has indicated that the capital raised across 2024 will support two initiatives: a renewed push into the United States market and the launch of pension products for UK consumers. 

#### IPO PLANS

Management has previously indicated that an initial public offering remains a longer-term objective.