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Funding: Digital bank Monzo will close a deal in the next two weeks to raise up to £350m from old and new investors.
Monzo is forecasting a valuation of £4bn in its latest funding round, not much more than it was worth three years ago.
The online bank will reportedly close a deal in the next two weeks to raise up to £350m from new and old investors.
This will value the UK fintech at around £3.6bn, or around £4bn after taking fresh cash into account.
But this price is only slightly more than what the group was given in 2021, when it was valued at £3.5bn.
Monzo, which was founded in 2015 and has around 9 million customers in the UK, declined to comment on the valuation, which was first reported by the Financial Times.
But Danni Hewson, an analyst at investment platform AJ Bell, suggested Monzo has suffered in a difficult economic environment.
She said: ‘Valuations don’t always follow a straight line and the last few years have been grueling for UK markets.
“That said, this fundraising is a huge vote of confidence in the business and an injection of capital that will help it continue to push its way towards the status quo of the UK banking sector.”