Monzo confirms $4.5bn valuation after closing new $500m round

▤ Summary

The raise included new investors like the Abu Dhabi Growth Fund, Coatue and Alpha Wave Ventures. Monzo’s continued growth through Covid proved critical in wooing investors, the company told the Financial Times. Investors will note the fact that Monzo is one of the last UK neobanks to reach break-even, flagging that there was “material uncertainty” about its future in its latest accounts. Still, Monzo has outlived the likes of Tandem — which was effectively taken over by a private equity firm last year — and has grown faster than Lunar in the Nordics or Bunq in Holland. It’s putting its hopes in Monzo Flex, its new buy now, pay later feature which enables customers to split card payments into instalments, taking on the likes of Klarna.

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