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Monzo said a secondary share sale that allowed the company to give employees liquidity for their stakes valued the company at $5.9 billion. Existing investors, including StepStone and Singapore’s sovereign wealth fund GIC, participated in the round.
The new valuation is up from the $5.2 billion valuation it received after it raised $610 million earlier this year. Monzo is part of a class of so-called challenger banks that have soared in popularity across Europe in recent years. For the most part, these fintechs offer flashy apps and give consumers the ability to conduct the vast majority of their finances digitally. The move comes just weeks after rival Revolut Ltd. allowed employees to offer up their shares in a secondary offering. That round valued Revolut at $45 billion, up from a $33 billion price tag that the fintech garnered in 2021.
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