Monzo Revenue, Valuation, Funding & Investors
Monzo is valued at $5.9B as of October 2024, a 5.3x revenue multiple. Monzo revenue was $1.6B, as disclosed with its March 2025 round.
Last Monzo valuation
$5.9B
Secondary · Oct 2024
Last Monzo funding round
Undisclosed stage
Amount undisclosed · Mar 2025
Monzo revenue
$1.6B
Undisclosed stage · Mar 2025
Key investors in Monzo
Passion Capital
Goodwater Capital
Accel
Thrive Capital
Stripe
General Catalyst
About Monzo
Monzo is a British digital bank based in London, founded in 2015 and operating through a mobile app with no branches. It started as a prepaid card and gained a full UK banking licence in April 2017, which allowed it to offer current accounts. The bank serves personal and business customers with current accounts, savings pots, loans, investments and paid subscription plans. For the year to March 2026 it reported revenue of 1.7 billion pounds, customer deposits of 25.7 billion pounds and more than 15 million customers. Investors include Accel, General Catalyst, Passion Capital, Goodwater Capital, Tencent and the Abu Dhabi Growth Fund. In December 2025 it agreed to acquire the mortgage broker Habito.
Founded
2015
HQ
LondonWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Subscription, Commission
Revenue
$1.6B (Mar 2025)
Valuation
$5.9B (Oct 2024)
Sectors
Monzo Valuation
Monzo is currently valued at $5.9B, based on its secondary sale in October 2024. Read the announcement ↗
The round included StepStone Group and GIC.
Monzo's valuation has grown 376x from $16M at its seed round in June 2015 to $5.9B in October 2024, across 17 priced rounds.
Monzo valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Oct 2024 | Secondary | $5.9B | 5.3x |
| May 2024 | Series I | $5.2B | 4.5x |
| Mar 2024 | Series I | $5.2B | 4.4x |
| Dec 2021 | Series H | $4.5B | 22.0x |
| Feb 2021 | Series G | $1.7B | 12.5x |
| Dec 2020 | Series G | $1.6B | 18.0x |
| Jun 2020 | Series G | $1.6B | 19.9x |
| Jun 2019 | Series F | $2.7B | 50.2x |
| Oct 2018 | Series E | $1.3B | - |
| Nov 2017 | Pre-seed | $301M | - |
| Nov 2017 | Series D | $372M | - |
| Mar 2017 | Pre-seed | $109M | - |
| Feb 2017 | Series C | $105M | - |
| Oct 2016 | Series B | $67M | - |
| Mar 2016 | Pre-seed | $43M | - |
| Feb 2016 | Series A | $67M | - |
| Jun 2015 | Seed | $16M | - |
Monzo Revenue
Monzo's latest recorded revenue is $1.6B, as of its undisclosed-stage round in March 2025.
Revenue grew from $53M in June 2019 to $1.6B in March 2025.
Monzo revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Mar 2025 | $1.6B | - | - | Undisclosed stage |
| Oct 2024 | $1.1B | $5.9B | 5.3x | Secondary |
| May 2024 | $1.2B | $5.2B | 4.5x | Series I |
| Mar 2024 | $1.2B | $5.2B | 4.4x | Series I |
| Dec 2021 | $205M | $4.5B | 22.0x | Series H |
| Feb 2021 | $140M | $1.7B | 12.5x | Series G |
| Dec 2020 | $91M | $1.6B | 18.0x | Series G |
| Jun 2020 | $83M | $1.6B | 19.9x | Series G |
| Jun 2019 | $53M | $2.7B | 50.2x | Series F |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Monzo Funding History
Monzo has raised a total of $1.8B across 18 funding rounds, plus 1 secondary share sale.
Monzo's first fundraising round was a $3M seed round in June 2015. The most recent completed round was a undisclosed-stage round in March 2025.
Monzo funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Mar 2025 | Undisclosed stage | ICONIQ Capital | - | - | ICONIQ Growth, the venture and growth arm of ICONIQ Capital, announced an investment in the British digital bank Monzo on 20 March 2025. ICONIQ said Monzo is one of the structural leaders in next-generation financial services and pointed to its product offering, pace of innovation and a customer base of more than 11 million users. It also cited Monzo's net promoter score of around 70 in the United Kingdom and its experienced leadership team under chief executive T.S. Anil. ICONIQ said Monzo has set its sights on international expansion across the United States and Europe. The firm placed the investment alongside its existing fintech holdings, which it said include Adyen, Chime, Ramp, Robinhood, Wealthsimple and Groww. Monzo is a London-based digital bank founded in 2015 that serves consumers and small businesses with spending, budgeting, borrowing, savings and investing products. |
| Oct 2024 | Secondary | StepStone Group; GIC | - | $5.9B | In October 2024, UK neobank Monzo Bank Ltd. completed a secondary share sale (employee share sale) that established a post-money valuation of $5.9 billion, representing a $700 million increase over its $5.2 billion valuation following a May 2024 funding round. The transaction, which did not disclose the total equity value sold, provided liquidity to employees and early investors, with StepStone Group and Singapore's sovereign wealth fund GIC participating as buyers. This secondary sale occurred months after Monzo raised $610 million in primary funding during 2024, including a $430 million round led by CapitalG in March and a $190 million round in May, bringing total primary funding since its 2015 inception to over $1.9 billion. Strategically, the valuation increase and capital raise support Monzo's international expansion plans, particularly its entry into the U.S. market and broader EU expansion. Monzo serves approximately 10 million customers as the UK's seventh-largest bank, reported £15.4 million profit in FY24, and saw card spend grow 42% year-on-year, with revenue increasing by 2.5x. |
| May 2024 | Series I | Alanda Capital Management; GIC; CapitalG; Hedosophia | $191M | $5.2B | Monzo is a UK-based digital bank and neobank founded in 2015, offering personal and business banking services including current accounts, loans, investments, savings, and subscription plans. It serves over 9.3 million personal customers and 400k+ business customers, with £11.2bn in deposits (up 88% YoY) and card spend growing 42% YoY to £47.8bn in FY24. The company achieved its first full-year profitability with £15.4m pre-tax profit in FY24 (year ended March 2024), driven by revenue doubling to £880m from £355.6m in FY23, fueled by an 84% growth in its loan book (generating ~25% of revenue), net transaction income of £167m, and subscription revenue of £27.4m. Earlier in 2024 (during FY24), Monzo raised $610m (£500m) across two funding rounds at a $5.2bn post-money valuation, up from $4.5bn in its 2021 fundraise. Funds supported ongoing growth amid high interest rates and product expansions like investing features, where a third of customers are first-time investors and 45% of women users are new to investing. Monzo competes in the UK neobank space alongside Starling and Zopa (both profitable) and Revolut. It boasts strong customer metrics including a Net Promoter Score of 70, 38 average friends per customer using Monzo, and 67% word-of-mouth acquisitions (per FY25 report). In FY25, revenue grew 48% to £1.2bn with £113.9m adjusted pre-tax profit, 12m+ customers, £16.6bn deposits, and launches like Under 16s accounts and pensions. |
| Mar 2024 | Series I | CapitalG (lead); Abu Dhabi Growth Fund; GV; Tencent; Passion Capital; Coatue; Accel; HSG | $429M | $5.2B | Monzo is a UK-based digital bank founded in 2015, offering personal and business banking services including current accounts, loans, investments, savings, and subscription tiers like Plus and Premium. It has grown to over 9.3 million personal customers and 400,000 business customers, with £11.2 billion in deposits (up 88% year-over-year) and card spend reaching £47.8 billion in FY24. In early 2024, Monzo raised approximately $610 million (around £500 million) across two funding rounds at a post-money valuation of $5.2 billion, up from $4.5 billion in its 2021 fundraise. Investors included CapitalG (Alphabet’s growth fund, leading), Google Ventures (GV), HongShan Capital (HSG), Passion Capital, Tencent, and others such as Abu Dhabi Growth Fund, Accel, and Coatue, aligning closely with the specified investors and May 2024 timing. For FY24 (year ended March 2024, near the round date), Monzo reported revenue of £880 million, more than doubling from £355.6 million in FY23, driven by an 84% growth in its loan book (contributing about a quarter of revenue), net transaction income of £167 million, and subscription revenue of £27.4 million. The company achieved its first full-year pre-tax profit of £15.4 million, compared to a £116 million loss previously, with strong customer growth including 2.3 million new users and a Net Promoter Score of 70. Monzo operates in the competitive UK neobank market alongside rivals like Starling Bank and Revolut, focusing on customer-centric features such as budgeting tools, bill splits, cashback offers, and innovative products like Under 16s accounts and a 1p Savings Challenge. Its business model emphasizes organic growth (with many customers joining via referrals) and diversified revenue from lending, transactions, and subscriptions, positioning it as one of the largest UK banks by customer deposits and assets. |
| Dec 2021 | Series H | Abu Dhabi Growth Fund (lead); Alanda Capital Management; Tencent; Goodwater Capital; Coatue; Alpha Wave Global; Accel | $575M | $4.5B | Monzo is a UK-based digital bank offering mobile-first banking services including current accounts, savings pots, lending products like Flex, and premium subscription plans without physical branches. In FY2022 (ended March 2022), the company grew to 5.8 million customers, a 21% increase from FY2021, with customer deposits rising 42% to £4.4 billion and gross lending up 69% to £259 million. Revenue increased 81-92% to £154 million, driven by 91% growth in fee and commission income to £103 million and subscription income quadrupling year-over-year; net operating income grew 81% to £114 million. Post-FY2022, Monzo reported continued revenue acceleration, with an annual revenue run rate reaching £270 million by May-June 2022 based on monthly figures multiplied by 12, indicating strong momentum from lending, paid accounts, and deposits amid rising interest rates. The company maintained low customer acquisition costs through viral word-of-mouth growth (90% of new customers) and high engagement, with active users opening the app over twice daily on average. Underlying losses before non-recurring items edged up 2% to £119 million from £116.2 million in FY2021, reflecting investments in growth while prioritizing customer service, where Monzo held a leading position and was named Best British Bank in 2022. Subsequent years showed robust scaling: revenue run rate projected higher post-year-end, with later reports indicating profitability achieved in FY2025 at £113.9 million adjusted profit before tax on £1.2 billion revenue and 12 million+ customers, alongside total assets reaching £18.3 billion. Monzo's model leverages network effects from cross-selling banking, lending, investing, and insurance within its app, benefiting from £20+ billion in deposits for net interest income. |
| Feb 2021 | Series G | General Catalyst; Stripe; Y Combinator; KAAN Ventures; Octahedron Capital; Passion Capital; Goodwater Capital; Orange; Thrive Capital; Accel; Vetamer | $70M | $1.7B | Monzo is a UK-based digital bank offering mobile-first banking services including current accounts, pots for savings, lending, premium subscriptions (Monzo Plus and Premium), and business accounts, with a focus on transparency and customer-centric features. In FY2021 ending February 2021, the company reported net operating income growth of 74% to £62.2m from £35.7m in FY2020, achieved record revenues with over 25% from new pandemic-launched products, reached an Annual Run Rate (ARR) exceeding £105m by December 2020, added 1 million customers, saw customer deposits increase by £1,731m, and kept underlying losses nearly flat at £115.2m. It had over 210k premium and business customers and launched features like pots with 300k opened monthly in 2020. The company's previous fundraise in 2021 valued it at $4.5bn, later increasing to $5.2bn in 2024 rounds with investors including Passion Capital. Monzo continued strong growth post-2021, with customer base expanding significantly; by 2024 it had 9.3m customers and £11.2bn deposits, revenues doubling to £355.6m in 2023 and £880m in 2024, achieving first full-year pre-tax profit of £15.4m driven by loan book growth (84%), subscriptions (£27.4m), and net transaction income (£167m). In FY2025, revenues reached ~£1.2bn (48% increase), 12m+ customers (2.4m new), £16.6bn deposits, 1m+ subscribers (+50% income), and £113.9m adjusted profit. |
| Dec 2020 | Series G | TED; Kaiser Permanente Ventures; Novator; Goodwater Capital | $82M | $1.6B | Monzo is a London-based digital bank founded in 2015 that operates exclusively through a mobile app without physical branches. Originally launched as a prepaid card service, the company obtained its full UK banking licence in April 2017, enabling it to offer comprehensive current accounts and a range of financial services including lending, savings accounts, and subscription-based premium features. In December 2020, Monzo raised £60 million in funding at a post-money valuation of £1.24 billion, down from £2 billion in its previous funding round in June 2019. The round included investors such as Novator, Kaiser, and TED Global. For the financial year ending March 2020, Monzo generated £461.8 million in revenue, representing significant growth from £165.5 million in FY2019. The company's revenue growth was driven by expanding net interest income from customer deposits, which reached £10.9 billion by end of FY2020, along with fee and commission income. By the end of FY2020, Monzo had attracted 3.9 million customers and had grown its customer deposits by £930.7 million during the year, demonstrating strong market traction in the UK fintech sector. |
| Jun 2020 | Series G | General Catalyst; Stripe; Y Combinator; Passion Capital; Goodwater Capital; Orange; Thrive Capital; Vanderbilt University; Accel; Reference Capital SA | $81M | $1.6B | Monzo, a UK-based digital bank offering personal and business banking services through a mobile app, confirmed a £60M funding round on June 16, 2020, led by investors including Accel, General Catalyst, Goodwater Capital, Orange, Passion Capital, Reference Capital SA, Stripe, Thrive Capital, Vanderbilt University, and Y Combinator. This bridge round was conducted at a pre-money valuation of £1.24B, marking a 40% reduction from the prior round amid the coronavirus crisis and challenging funding environment. The capital helped Monzo navigate reduced card spend and interchange fee revenue impacts from COVID-19 lockdowns. At the time, Monzo had approximately 3.9 million customers, up from 1.6 million in FY2019, with customer deposits reaching £802.0m and total customer spend via Monzo rising to £10.9bn from £3.6bn the prior year. The business banking product, launched in March 2020, had achieved 25,000 signups targeting sole traders and SMEs with free and premium options. Financials from the FY2020 annual report (year ending ~March 2020) showed net operating income of £35.7m, primarily from net interest income (£24.4m), net fee and commission income (£29.4m), offset by high personnel (£77.5m) and other operating expenses (£70.4m), resulting in significant losses. The round coincided with operational challenges, including planned layoffs of up to 120 UK staff (later ~80), US layoffs, closure of a Las Vegas support office, and furloughing of nearly 300 UK employees. Monzo postponed premium consumer account launches and tightened lending amid economic downturn effects on revenue streams like interchange fees. |
| Jun 2019 | Series F | Y Combinator (lead); General Catalyst; Stripe; Future Fifty; Passion Capital; Latitude; Goodwater Capital; Thrive Capital; Accel; Orange Ventures | $144M | $2.7B | Monzo, a UK-based digital bank offering mobile-first banking services including current accounts, overdrafts, and premium features, completed a Series F funding round on 24 June 2019 raising £113 million led by Y Combinator's Continuity fund, with participation from investors including Accel, Future Fifty, General Catalyst, Goodwater Capital, Latitude, Orange Ventures, Passion Capital, Stripe, and Thrive Capital, achieving a post-money valuation of £2 billion. The round supported ongoing product development and scaling amid rapid customer growth. By May 2019, Monzo reported £40 million in annual run-rate revenue, reflecting strong growth in net fee and commission income (£6.6 million) from increased card spending (£4 billion total) and net interest income (£4.9 million) from deposits (£461.8 million) and early lending (£19.2 million overdraft book). The company had reached 1.6 million customers by February 2019, up from 590,000 the prior year, with per-customer contribution margin improving to +£4 annually from -£15. Full-year 2019 revenue reached £67.2 million, a jump from £19.7 million in 2018, driven by higher deposits averaging £359 per customer across 3.9 million users totaling £1.4 billion, though unit economics were still maturing with reliance on organic growth and rising marketing spend. Despite revenue progress, Monzo posted a £47.2 million net loss for the year to February 2019, up from £30.5 million, due to heavy investments in staff (over 1,000), features, and compliance. Monzo competed in the neobank space against rivals like Revolut, focusing on customer experience (NPS +80) and salaried user growth (30% of active users depositing £1,000+ monthly). The June 2019 round marked significant valuation growth, but future fundraising needs were anticipated given burn rates and regulatory capital requirements. |
| Dec 2018 | Pre-seed | Nicolas Dupuis; Matteo Gamba; Sajid Sabir; David Mytton; Reece Chowdhry | $25M | - | Monzo Bank Limited, a UK digital bank founded in 2015, operated as a mobile-first neobank offering current accounts, debit cards, and later expanded services like lending and premium subscriptions. In its fiscal year ended February 28, 2018, Monzo reported net operating income of £1.814 million, derived from interest income (£0.150 million), net fee and commission income (£1.367 million), and other operating income (£0.309 million), reflecting early-stage growth in customer activity. The company faced significant operating expenses of £34.9 million, primarily in personnel (£9.214 million) and other costs (£25.426 million), leading to a pre-tax loss of £33.076 million and net loss of £30.546 million. Earlier rounds included £19.5 million in February 2017 from Thrive Capital et al., and £71 million in November 2017 led by Goodwater Capital at £280 million valuation. By 2018, Monzo had attracted over £70 million in customer deposits after transitioning from prepaid cards. Customer growth was rapid, setting the stage for later expansions into business accounts, loans, and subscriptions. Subsequent years saw revenue scaling to £514.4 million by FY2024 and £1.2 billion by FY2025, achieving profitability with £94.5 million net profit. |
| Oct 2018 | Series E | Accel (lead); General Catalyst (lead); Stripe; Passion Capital; Goodwater Capital; Thrive Capital; Orange Ventures | $109M | $1.3B | Monzo, a UK-based digital challenger bank, raised £85 million in its Series E funding round on October 30, 2018, led by Accel and General Catalyst, with participation from existing investors Passion Capital, Goodwater Capital, Thrive Capital, Orange Digital Ventures, and Stripe. The round was completed at a £1 billion pre-money valuation, equivalent to approximately $1.27 billion USD, making Monzo a unicorn and marking a significant milestone in its growth trajectory. The funds were earmarked for expanding headcount, product development including the Monzo marketplace, and covering operational costs as the company achieved contribution margin positivity, where average customer revenue exceeded servicing costs. At the time, Monzo had surpassed one million customers, up from 500,000 in April 2018, driven by rapid adoption of its mobile-first current accounts, overdrafts, and debit cards. Revenue streams included interchange fees from card spending, interest on customer deposits (not shared with customers), and overdraft lending. For the financial year ended February 28, 2018, Monzo reported net operating income of £1.814 million, a sharp rise from £0.120 million the prior year, alongside customer deposits reaching £71.3 million and net assets of £56.2 million. The company had raised £67.8 million in equity during that year, bolstering its CET1 capital to £56.2 million while remaining fully compliant with regulatory requirements. Monzo's growth was fueled by product innovations like fee-capped foreign ATM withdrawals and reduced reliance on costly top-ups, alongside plans for a £20 million crowdfunding round to further engage its community. Despite net losses of £30.5 million in FY2018 due to heavy investments in growth, the bank demonstrated strong cash flow from operations at £15.6 million. This round positioned Monzo to compete in the UK's fintech landscape against peers like Revolut, with ambitions to expand lending and additional services. |
| Nov 2017 | Pre-seed | Matteo Gamba; Sajid Sabir; David Mytton | $1M | $301M | - |
| Nov 2017 | Series D | Goodwater Capital (lead); Michael Moritz; Stripe; Upscale; Passion Capital; Crankstart Foundation; Thrive Capital; Orange Ventures | $92M | $372M | Monzo, a UK-based digital bank originally operating via a mobile app and prepaid debit card, raised £71 million in a funding round on 6 November 2017 led by Goodwater Capital, with participation from investors including Crankstart Foundation, Michael Moritz, Orange Ventures, Passion Capital, Stripe, Thrive Capital, and Upscale, valuing the company at £280 million post-round. Earlier in February 2017, Monzo had secured £22.5 million from Passion Capital, Thrive Capital, and Orange Digital Ventures. The funds supported rapid growth, with customer numbers expanding at 5% weekly and transaction volumes at 7% weekly as of early 2017, reaching over 200,000 customers by May 2017 through whom over £250 million had been spent on prepaid cards. For the fiscal year ending February 28, 2017, Monzo reported revenues of £140,000 (up from £5,000 the prior year), other operating income of £120,000, and a pre-tax loss of £7.9 million, with cash reserves at £14.9 million after raising £24.2 million in equity. The company had spent £250 million on prepaid cards to date and was preparing to launch full current accounts after lifting banking licence restrictions in April 2017, while planning revenue experiments in lending to compete on pricing. Monzo's early business model relied on prepaid services, with growth driven by organic word-of-mouth, positioning it among European fintechs prioritizing customer acquisition over immediate profitability through VC funding. By late 2017, with over £40 million raised to date and limited cash remaining, the Goodwater-led round provided crucial capital amid accelerating losses but strong metrics. |
| Mar 2017 | Pre-seed | Marcos Vercelli-Forster; Aranit Cenalla; Klaus Nyengaard; Matteo Gamba; Sajid Sabir | $3M | $109M | Monzo is a UK-based digital banking platform that launched its prepaid card in October 2015 and obtained a full banking license in April 2016, enabling it to offer current accounts. The company raised £22 million in its Series C funding round in March 2017, which included £19.5 million from Thrive Capital, £5 million from Passion Capital, £1.5 million from Orange Digital Ventures, and £2.5 million through equity crowdfunding on Crowdcube at a valuation of £84.75 million. The crowdfunding component attracted over 6,800 investors on Crowdcube, setting a platform record for investor participation. At the time of the Series C round, Monzo had grown to over 120,000 total users and had processed over £800 million in customer spending on its cards. The company planned to use the funding to expand its team, roll out current accounts more broadly, and build its marketplace offering. |
| Feb 2017 | Series C | Thrive Capital (lead); Passion Capital; Orange Ventures | $24M | $105M | Monzo, a UK-based challenger bank originally operating via a mobile app and prepaid debit card, raised £19.5 million in February 2017 from Thrive Capital, Passion Capital, and Orange Digital Ventures, with plans for an additional £2.5 million crowdfunding, at a pre-money valuation of £65 million. The company also referenced agreeing £22.5 million investment around February-March 2017 from the same investors in its annual report, and separately noted raising £24 million in the year to fund growth, ending with £18 million CET1 capital. This round supported rapid expansion, with customer numbers growing 5% weekly and transaction volumes 7% weekly by early 2017. For the fiscal year ended February 28, 2017, Monzo reported revenues of £140,000 (up from £5,000 prior year), primarily from other operating income, while incurring a pre-tax loss of £7.9 million due to administrative expenses rising to £8 million amid heavy growth investments. The company had £14.9 million in cash equivalents at year-end, with minimal fee income (£112,000) and no interest income yet, focusing on user acquisition for prepaid cards where £250 million had been spent to date. Projections aimed for 500,000-800,000 accounts by year-end. Monzo planned to monetize via lending, targeting competitive pricing, as current accounts remained free. This early-stage fintech pursued fast growth with VC funding, part of a broader European wave, before launching full current accounts in 2017 after lifting banking licence restrictions. |
| Oct 2016 | Series B | Passion Capital (lead) | $6M | $67M | Monzo, a UK-based challenger bank formerly known as Mondo, raised £4.8m in an interim bridge round led by Passion Capital on October 20, 2016. The round valued the company at £50m post-money, up from £30m in its prior February round. This brought total funding to £12.8m at the time. The funds supported ramping up production of Monzo's beta program amid high demand, with 50,000 prepaid cards in circulation and over £45m spent across them by users in over 150 countries. More than 60% of beta accounts were actively used, and the company had a waiting list of 250,000. Monzo held a restricted banking license limiting deposits to £50,000 total and planned full current accounts for the following year. Passion Capital had previously led Monzo's £5m February 2016 round and provided seed financing. The company also raised £1m via Crowdcube crowdfunding in 96 seconds earlier that year. |
| Mar 2016 | Pre-seed | Kingsley Advani; Matteo Gamba; Sajid Sabir; Playfair Capital; Siddharth Singhal; Chainfund Capital; Chris Haslam | $1M | $43M | Monzo, then trading as Mondo, raised GBP 1 million from the crowd on the Crowdcube platform in March 2016, filling the capped campaign in 96 seconds. The offer gave investors a 3.33% share of the equity, implying a valuation of about GBP 30 million, and sat alongside business angels including Kingsley Advani, Matteo Gamba and Sajid Sabir. The crowd investors received the same rights as the venture investors in the company. The campaign followed a GBP 5 million round led by Passion Capital in February 2016 and formed part of the same wider fundraising. The money funded the build-out of the company's current account and its application for a full UK banking licence. At the time Monzo offered a prepaid card and app, and had already received about GBP 7 million from Passion Capital across two earlier rounds. Monzo is a London-based digital bank founded in 2015. |
| Feb 2016 | Series A | Passion Capital (lead) | $7M | $67M | Monzo, a UK-based digital challenger bank formerly known as Mondo, raised a £5 million funding round in February 2016 led by Passion Capital. This round contributed to the company's early growth toward obtaining a full banking license. The valuation from this period was reported as £50 million in subsequent coverage of an interim follow-on round in October 2016. At the time, Monzo offered prepaid cards and held a restricted banking license limiting total deposits to £50,000. The company had previously raised £1 million through an equity crowdfunding campaign on Crowdcube in 96 seconds, setting a record. Passion Capital had also participated in an earlier £2 million seed round. |
| Jun 2015 | Seed | Jeremy Yap; Blue Wire Capital; Passion Capital; Recharge Capital | $3M | $16M | In mid-2015 the UK start-up then called Mondo, now Monzo, raised a seed round of about GBP 2 million led by Passion Capital. Blue Wire Capital and other angel and institutional backers took part. The money funded the build of a mobile-first current account and prepaid card, which went on to a public beta and then a full banking licence. Monzo was founded in London in 2015 by Tom Blomfield and colleagues from the Starling Bank team and Hiroki Takeuchi, among others. It started with a prepaid debit card and a smartphone app offering instant spending notifications. It later became one of the largest UK digital banks by customer numbers. |
Who has invested in Monzo?
50 investors have backed Monzo across its funding rounds, including Passion Capital, Goodwater Capital, Accel, Thrive Capital, Stripe and General Catalyst.
Lead investors include CapitalG, Abu Dhabi Growth Fund, Y Combinator, Accel, General Catalyst and 3 other investors.
Monzo Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| London | 10 | Lead | Jun 2015 | |
 Burlingame, CA | 7 | Lead | Nov 2017 | |
| New York City, NY | 6 | Lead | Feb 2017 | |
| Palo Alto, CA | 6 | Lead | Oct 2018 | |
| San Francisco, CA | 5 | Participant | Nov 2017 | |
| Cambridge, MA | 4 | Lead | Oct 2018 | |
 Berlin | 4 | Participant | Mar 2016 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Sajid Sabir | United Kingdom | 4 | Participant | Mar 2016 |
 Paris | 4 | Participant | Feb 2017 | |
| San Francisco, CA | 3 | Lead | Jun 2019 | |
 Abu Dhabi | 2 | Lead | Dec 2021 | |
| London | 2 | Participant | Dec 2021 | |
 Singapore | 2 | Participant | May 2024 | |
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Start Free TrialAcquisitions by Monzo
Monzo has acquired 1 company to date.
Last acquisition by Monzo was on December 16th 2025. Monzo acquired Habito for undisclosed valuation.
Latest Acquisitions by Monzo
| Description | Habito is a London-based digital mortgage broker streamlining homebuying in the United Kingdom. Founded in 2016, it provides Habito Plus bundling mortgages, conveyancing, and surveys, alongside a broker portal granting 3,000 intermediaries access to buy-to-let products and instant valuation technology. The firm originates residential loans through partnerships with lenders like Clydesdale Bank. |
| HQ Country | |
| HQ City | London |
| Deal Date | 16 Dec 2025 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
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Investments by Monzo
Monzo has invested in 1 company to date.
Latest investment by Monzo was on April 9th 2026. Monzo invested in Round Treasury in their $6M Seed round.
Latest Investments by Monzo
| Description | Round Treasury is a London-based treasury management platform for startups optimizing excess cash. It aggregates hundreds of UK savings accounts for yields up to 5 percent, maximizes FSCS protection up to £85,000 per institution, and automates transfers. The service minimizes FX risk for international teams. |
| HQ Country | |
| HQ City | London |
| Deal Date | 9 Apr 2026 |
| Round | Seed |
| Raised | $6M |
| Investors | GoCardless; Passion Capital; Tide; BACKED VC; Love Ventures; Alstin Capital; Paul Forster |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
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Monzo Competitors
Monzo competitors include listed companies like Nubank, SoFi, Kaspi.kz and Jio Financial Services, and private ones like Revolut and Trade Republic.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| London | Private | $6B | $2.3B | $115B | 19.2x | |
 Brazil | Publicly listed | $11B | - | $58B | 2.7x | |
| United States | Publicly listed | $3.6B | $1.1B | $21B | 4.4x | |
 Kazakhstan | Publicly listed | $8.9B | $3.1B | $17B | 1.8x | |
 India | Publicly listed | $338M | $277M | $17B | 36.0x | |
| Berlin | Private | $370M | - | $14B | 38.9x |
Monzo Public Comps
Monzo is still privately-owned, but its public comps include Nubank, SoFi, Kaspi.kz, Jio Financial Services, Rakuten Bank, Paytm, Chime, Enpara Bank, Wise and PayPay.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $11B | - | 5.5x | 2.7x | - | - | |||
| $3.6B | $1.1B | 5.8x | 4.4x | 20.0x | 13.4x | |||
| $8.9B | $3.1B | 1.9x | 1.8x | 5.6x | 4.9x | |||
| $338M | $277M | 49.6x | 36.0x | 60.6x | - | |||
| $1.1B | - | 14.0x | 10.3x | - | - | |||
| $870M | $42M | 14.0x | 11.5x | 293.2x | 108.3x | |||
| $2.2B | ($979M) | 5.5x | 4.4x | (12.3x) | 26.1x | |||
| - | - | - | - | - | - | |||
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Common questions about Monzo
| When was Monzo founded? | Monzo was founded in 2015. |
| Where is Monzo headquartered? | Monzo is headquartered in London, United Kingdom. |
| Is Monzo publicly listed? | No, Monzo is a private, VC-backed company. |
| What is Monzo's valuation? | Monzo was last valued at $5.9B in its secondary sale in October 2024. |
| How much funding has Monzo raised? | Monzo has raised $1.8B across 18 funding rounds. |
| What was Monzo's last funding round? | Monzo's last funding round was a undisclosed-stage round in March 2025. |
| Who are Monzo's investors? | Monzo's investors include Passion Capital, Goodwater Capital, Thrive Capital, Accel, Stripe, General Catalyst, Matteo Gamba, Sajid Sabir, Orange Ventures, Y Combinator and 40 others. |
| What is Monzo's revenue? | Monzo's latest recorded revenue is $1.6B (March 2025). |
| Which companies are comparable to Monzo? | Companies comparable to Monzo include Revolut, Nubank, SoFi, Kaspi.kz, Jio Financial Services and Trade Republic. |
| How many companies has Monzo acquired? | Monzo has acquired 1 company, including Habito. |
| How many companies has Monzo invested in? | Monzo has invested in 1 company, including Round Treasury. |
| What was Monzo's last investment? | In April 2026, Monzo invested in Round Treasury's $6M seed round alongside GoCardless, Passion Capital, Tide and 4 other investors. |
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