Monzo taps funds from Google parent company

UK neobank Monzo is set to announce a bumper fundraise led by Google’s owner Alphabet.

Capital G, a fund investing on behalf of the $1.7trn tech giant is in talks with Monzo to invest in its first cash injection for two years, according to a Sky News report.

Monzo last raised money in its 2021 $475m round which was led by new investors including the Abu Dhabi Growth Fund, the sovereign investment arm of the government of the United Arab Emirates.

Fast forward two years and Monzo has nearly doubled customers to 8.5 million and reported that it is nearing profitability.

While the deal is yet to be concluded, the report suggest it will be finalised this year.