Leading digital bank Monzo has launched a secondary share sale with a group of renowned global technology investors to provide liquidity to employees as the business continues to scale at pace. The share sale enables the company to meet further demand from investors to buy into Monzo equity, and values Monzo at €5.4 billion. Investors participating in the deal include existing backers StepStone Group and GIC, Singapore’s sovereign wealth fund, which took part in Monzo’s $610 million capital raise just five months ago.
Monzo highlighted many important milestones like: 1 in 5 UK adults and 1 in 16 businesses now bank with Monzo, with the company now serving more than 10m customers Also, multiple successful product launches over recent months such as Monzo Pension, Monzo for Under 16s, new subscription plans and a trio of industry-first security features.
The digital bank plans to expand into Europe via a gateway in Ireland and continued expansion in the US. Achieving its first full year of profitability, following a year of record growth with revenues up 2.5x and an 88% increase in deposits in the last financial year
TS Anil, CEO of Monzo, commented: “It’s great to be able to provide employees with some liquidity, while meeting further investor demand for Monzo equity. It’s because of our employees’ commitment to our mission that we’ve grown to more than 10 million customers, continue to launch game-changing products and consistently top the industry leaderboard for customer satisfaction for our personal and business accounts. It’s exciting to have fantastic investors show their support for our successful business model and vision yet again, with the company valuation increasing for a second time this year.”
Gary Hoffman, Chair of Monzo, added: “The valuation we have achieved and the strong investor interest it reflects is a huge endorsement of everything that the leadership team and all Monzonauts have achieved.”
