Main digital financial institution Monzo has launched a secondary share sale with a gaggle of famend international expertise buyers to offer liquidity to staff because the enterprise continues to scale at tempo. The share sale allows the corporate to fulfill additional demand from buyers to purchase into Monzo fairness, and values Monzo at €5.4 billion. Buyers taking part within the deal embody current backers StepStone Group and GIC, Singapore’s sovereign wealth fund, which took half in Monzo’s $610 million capital elevate simply 5 months in the past.
Monzo highlighted many essential milestones like: 1 in 5 UK adults and 1 in 16 companies now financial institution with Monzo, with the corporate now serving greater than 10m clients Additionally, a number of profitable product launches over current months similar to Monzo Pension, Monzo for Below 16s, new subscription plans and a trio of industry-first safety features.
The digital financial institution plans to broaden into Europe by way of a gateway in Eire and continued enlargement within the US. Attaining its first full yr of profitability, following a yr of file progress with revenues up 2.5x and an 88% enhance in deposits within the final monetary yr
TS Anil, CEO of Monzo, commented: “It’s nice to have the ability to present staff with some liquidity, whereas assembly additional investor demand for Monzo fairness. It’s due to our staff’ dedication to our mission that we’ve grown to greater than 10 million clients, proceed to launch game-changing merchandise and persistently high the {industry} leaderboard for buyer satisfaction for our private and enterprise accounts. It’s thrilling to have improbable buyers present their help for our profitable enterprise mannequin and imaginative and prescient but once more, with the corporate valuation rising for a second time this yr.”
Gary Hoffman, Chair of Monzo, added: “The valuation we now have achieved and the robust investor curiosity it displays is a large endorsement of every thing that the management group and all Monzonauts have achieved.”
