Slaughter and May advised Monzo on its £340m Series I funding round

Slaughter and May advised Monzo on its £340m Series I funding round. 

The round was led by CapitalG, Alphabet’s independent growth fund, and valued Monzo at c. £4bn. The round also involved participation from other leading global tech investors, including GV (formerly Google Ventures), and existing Monzo investors. 

Monzo was founded in 2015 and is currently the UK’s largest digital bank, with more than 9 million customers. It is also the 7^th largest UK bank by customer numbers. 

TS Anil, Monzo’s CEO, said: “We’ve built incredible momentum in the business over the past few years which has led to us reaching more than 9 million customers, turning profitable and launching even more ground-breaking products. With backing from global investors, we have the rocket fuel to go after our ambitions harder and faster, building Monzo into the one app that sits at the centre of our customers’ financial lives. Each milestone we’ve reached to this point has given us more strength and speed to make strides towards our mission – now we’ll scale to even greater heights and seize the huge opportunity ahead.”