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Monzo — Startup ProfileThe bank that makes money work for everyoneHQ: London, United Kingdom | Founded: 2015 | Employees: 3,000-3,500 | Stage: Late Stage Private (Series I+) | Website: https://monzo.comAboutMonzo Bank Ltd was founded in 2015 as Mondo by Tom Blomfield, Jonas Templestein, Gary Hoffman, Jason Bates and Paul Rippon in London, with a mission to make money work for everyone. Starting as a prepaid Mastercard and community-driven beta, Monzo obtained its UK banking licence in 2017 (with FCA and PRA authorisation) and has grown into one of Europe's largest neobanks. Its app-first platform offers personal current accounts with instant notifications, budgeting, pots, and fee-free spending abroad, alongside Monzo Business for SMEs, subscription tiers (Plus, Premium, Max), Flex buy-now-pay-later, and Monzo Investments. The company is known for its hot coral cards, transparent product development, and loyal UK customer base representing over 20% of UK adults and 6% of UK businesses.BackeKey Metrics

Latest Valuation: $5.9B (Oct 2024 secondary sale, £4.5B)

Last Primary Round: $430M Series I Mar 2024 + $190M May 2024 extension ($610M total)

Total Funding: $1.8B (~$1.5B confirmed to May 2024)

Revenue FY2024: £880M (+2.3x YoY, ~$1.15B)

Profitability: £15.4M pre-tax profit FY2024 (first full-year profit)

Customers: 12M in 2025 (10M+ in 2024; 400K+ business customers)

Funding Rounds

Round: $190M (£150M) (2024-05-08) — Hedosophia, CapitalG

Round: $430M (£340M) (2024-03-05) — CapitalG

Round: $500M (£350M) (2021-12-01) — Abu Dhabi Growth Fund

Round: $60M (£60M) (2020-12-01) — Novator, Kaiser, TED Investments

Round: $76M (£60M) (2020-06-01) — Accel, General Catalyst, Y Combinator

Key People

TS Anil

Gary Hoffman

Tom Blomfield

Jonas Templestein

Key Competitors

Revolut —

Starling Bank —

N26 —

Chase UK (JPMorgan) —

Timeline Highlights

2024-10-11: $5.9B secondary sale — employee liquidity via GIC & StepStone

2024-06-03: FY2024: £880M revenue and first profit £15M — 10M customers

2024-05-08: $190M Series I extension at $5.2B — total $610M in 2024

2024-03-05: Series I: $430M led by CapitalG at $5B valuation

2021-12-01: Series H: $500M at $4.5B valuation — TS Anil era