British Neobank Monzo Reportedly in Talks for US$50 Million Stake Sale to GIC
by Fintech News Singapore March 19, 2024British digital bank Monzo is reportedly in the advanced stages of discussions to raise around US$50 million through the issuance of new shares to Singaporean sovereign wealth fund GIC.
According to an exclusive by The Sky News, the official announcement could be released in the coming weeks.
Just earlier this month, Monzo raised US$430 million which pushed its valuation to US$5 billion. The fundraise was led by CapitalG, the independent venture arm of Google parent company Alphabet.
This move is seen as an extension of this latest funding round where the lead investor had reportedly played a pivotal role in drawing interest from GIC.
With plans for an initial public offering (IPO) on the horizon, this latest funding round may well be the precursor to Monzo’s next phase of expansion. The digital bank had undergone a corporate restructuring to prepare for the IPO.
Since its inception in 2015, Monzo has rapidly grown to serve more than nine million customers, transitioning into profitability and expanding its product offerings to include investment services and instant access savings accounts.
