British neobank Monzo boosts funding round to $610 million to crack U.S. market, launch pensions

British neobank Monzo told CNBC it raised another $190 million from investors including Hedosophia and CapitalG, Alphabet's independent growth fund.

The company told CNBC it raised the cash from new investors including Hedosophia, a backer of top European fintechs including N26 and Qonto. CapitalG, Alphabet's independent growth fund, also participated in the round. "What's exciting to me is that, as we pursue that mission of changing people's relationship with money, we've built a business model that is congruent with that as well, with this model that is built entirely around the customer."last year, reporting two consecutive months of profitability at the end of its 2023 fiscal year. Anil said Monzo's looking to ramp up profits with diversification into other income generators, like lending and savings.

For now, Anil says, Monzo's team in the U.S. is primarily focusing on product to ensure that the service it has there is of high enough quality that it can compete with major incumbents like

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British neobank Monzo boosts funding round to $610 million to crack U.S. market, launch pensionsTS Anil, CEO and co-founder of Monzo, told CNBC his firm plans to use the cash to build new products and accelerate its international expansion plans.
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