Monzo is reportedly planning to raise £500 million in a fundraising round led by early growth investor Hedosophia.
The move, first reported by Sky News, would see Hedosophia acquire a stake in the British FinTech.
The news site cited an unnamed source which said Singapore’s Government Investment Corporation (GIC) will also contribute an estimated £50 million to the funding round.
Monzo declined to comment on the reports.
In February, Monzo announced that it had raised £340 million, giving the company a valuation of £4 billion.
The funding round, which the digital bank said would fund its expansion plans, was led by CapitalG.
https://www.fstech.co.uk/fst/Monzo_Hits_4bn_Valuation_In_Latest_Funding_Round.php
According to a recent report from CB insights, the deal was the largest of its kind in the first quarter of 2024.
The report also found that global funding for FinTech start-ups has fallen to the lowest levels since 2017, with investment in the first quarter falling by 16 per cent to $7.3 billion.
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