Monzo has reportedly secured its latest high-profile financial backer, Hedosophia, which has become a shareholder in the fast-growing fintech.
According to a Sky News report on Sunday (28 April), Hedosophia has agreed terms with Monzo to become a stakeholder as part of a funding round in the company expected to reach £500m.
The firm is apparently committing tens of millions to the round, Sky outlined. This same round will also involve Singapore’s Government Investment Corporation (GIC), participation of which was reported by Sky earlier this year.
This would provide yet another significant financial boost for Monzo as it continues to follow a strong growth trajectory. The company has been catching investor eyes for several years, having been the subject of a £300m cash injection from Alphabet, parent company of Google, earlier this year, again according to Sky News reports.
The London-based firm was established back in 2015 and has become one of the UK’s most popular and widely used neobanks. Monzo’s customer base stands at nine million, with two million new users acquired last year alone.
According to a joint report from Dealroom and HSBC Innovation Banking published earlier this month, Monzo’s success, both in terms of day-to-day trading and investment, is leading a resurgence for UK fintech when it comes to funding.
A $430m investment into the firm was highlighted as one of the largest funding rounds of its kind in the UK by the report.
