London-based money transfer company Wise plans to launch UK bank accounts, joining an increasingly crowded market; Monzo reports 15M personal and business users
Wise Plc is rolling out everyday bank accounts in the UK as it seeks to take up more market share from longtime banks and other fintechs.
Monzo receives an Irish banking license, letting the London-based digital lender offer its personal, business, children's, and savings accounts across the EU
Aisha S Gani / Bloomberg :
Digital bank Monzo, which has 13M UK customers, plans to launch a mobile phone service; Revolut and Klarna, each with ~11M UK customers, announced similar plans
Digital bank is exploring launching its own digital sim and offering monthly contracts — Monzo is planning to launch …
UK neobank Monzo reports FY 2025 revenue up 48% YoY to £1.2B, pretax profit up 335% YoY to £60.5M, deposits up 48% YoY to £16.6B, and users up 25% YoY to 12.2M
Monzo reported revenue above 1 billion pounds ($1.35 billion) for the first time and a sharp rise in annual profit …
UK neobank Monzo raised $190M at a $5.2B post-money valuation, after raising $430M at a $5B valuation in March 2024, and plans to expand internationally
Ryan Browne / CNBC :
UK digital bank Monzo raised $430M led by Alphabet's CapitalG at a $5B valuation, up from $4.5B in December 2021, and plans to use funds to expand in the US
London-based digital bank raised $430mn from investors including CapitalG and HongShan — Monzo has secured a fresh round …
Monzo reports £356M in FY2023 revenue, up from £154M in FY2022, and a £116M net loss, down from £119M YoY; CEO TS Anil says an IPO is “some ways down the road”
Iain Withers / Reuters :
FintechOS, which develops personalized automated financial technology for use by banks and insurers, raises $14M Series A
Over the last few years, we've seen the rise of FinTech startups like N26 and Monzo to challenge the incumbents with new products like challenger banks.
Sources: Monzo is close to raising £100M from Y Combinator, which would give the UK-based digital bank a pre-money valuation of £2B, up from £1B in October
Just 5 months after announcing £85 million in Series E funding, Monzo is already gearing up to raise additional funding …