According to PANews, British neobank Monzo announced that it has raised another $190 million, bringing the total amount raised this year to $610 million. The new round of financing includes investments from Hedosophia and Alphabet's independent growth fund CapitalG, and Singapore's government investment company GIC also participated in the financing. After this round of financing, Monzo's valuation reached $5.2 billion.
Monzo plans to use the funds to develop new products and accelerate its international expansion plans. CEO TS Anil said the company will launch its first pension product in the next 6 to 9 months, competing directly with traditional banks such as Barclays and NatWest. Monzo is also exploring entering the US market and has hired a senior executive from Block's Cash App as US CEO.