Monzo, the British neobank, has secured an additional $190 million in funding, bringing its total raised for the year to $610 million. Investors, including Hedosophia and Alphabet’s CapitalG, led the round. Monzo’s plans are nothing short of ambitious. It intends to use the funds to develop new products and accelerate its international expansion efforts, particularly in the United States, where it aims to compete with major incumbents JPMorgan and Citibank. The company also plans to introduce new financial products, such as pensions and mortgages.
British Neobank Monzo Boosts Funding Round to $610 million to Crack U.S. Market, Launch Pensions
