According to PANews, UK-based digital bank Monzo has announced a new funding round of $190 million, bringing its total funding for the year to $610 million. The latest round of funding includes investments from Hedosophia and CapitalG, an independent growth fund under Alphabet. Singapore's sovereign wealth fund, GIC, also participated in the funding round. Following this round, Monzo's valuation has reached $5.2 billion.
Monzo plans to use this funding to develop new products and accelerate its international expansion plans. Specifically, Monzo's CEO, TS Anil, stated that the company will launch its first pension product within the next six to nine months, directly competing with traditional banks like Barclays and NatWest. In addition, Monzo is exploring entry into the US market and has hired a senior executive from Block's Cash App as its US CEO.