10 December 2021
We are delighted to have advised Monzo Bank on its oversubscribed Series H funding round.
The Company has raised $475 million at first closing, with a second close anticipated to take place over the coming weeks, which will make this a $500 million+ financing round at a valuation of $4.5 billion.
This latest round, led by the Abu Dhabi Growth Fund, sees new investors including Coatue and Alpha Wave Ventures being added to the current roster of Accel, General Catalyst, Goodwater, Passion Capital, Octahedron and Thrive. Together they will be backing Monzo's exciting next phase of growth.
The funding will provide the capital to supercharge growth, fuelling Monzo's ambition to transform the banking industry and become the one global money app that allows consumers to control their entire financial lives.
Commenting on the deal, corporate partner Angus Miln said: "We have worked in close partnership with Monzo since its first funding in 2015 and it has been a pleasure to witness its incredible trajectory in the market. It continues to be a major disrupter in the banking sector. We look forward to taking this already strong relationship to the next level, using our expertise in the tech sector to give this stellar business a competitive edge as it realises its continuing ambitions for growth."
The transaction was led by partner Angus Miln with support from associate Harry Ruffell.