British digital bank Monzo has reached a new valuation of $5.9bn following a secondary share sale involving its employees.
The sale allowed staff members to liquidate their shares in a round, where existing investors such as Singapore’s sovereign wealth fund GIC and StepStone Group participated.
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This share sale comes on the heels of a fundraising round in March, where Monzo secured £340m ($444m) and was valued at £4bn ($5.2bn).
Since its launch in 2015, Monzo has emerged as a key player among the UK’s digital-only banks, a sector that has seen rapid growth but also faces stiff competition from established high-street lenders.
The company’s plans include entering the European market through Ireland and growing its presence in the US.
The bank has raised approximately $1.5bn ($1.95bn) since its inception and now ranks as the UK’s seventh-largest bank.
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By GlobalDataMonzo’s growth initiatives were supported by substantial funding rounds, including a $430m investment led by CapitalG in March and a $190m round in May.
These investments have significantly contributed to the bank’s current valuation and its ambitious expansion plans into new markets.
Monzo, with over ten million customers, has recently reported its first full year of profitability.
With a financial year-end gain of £15.4m ($20.1m) as opposed to the previous year’s £116m ($151m) loss, the bank is now setting its sights on expansion.
This marks Monzo’s first full year of profitability.
