Tag: TS Anil

The UK regulator FCA concludes a two-year probe as Monzo posts its first annual profit. The FCA has dropped its criminal investigation into Monzo regarding potential anti-money laundering (AML) rule breaches but continues to investigate the matter as a civil case. This could still lead to fines. This decision of the regulator comes after a two-year inquiry that initially raised the possibility of criminal prosecutions against the app-only bank.

Monzo, the UK-based neobank and major Revolut competitor, has substantially increased its funding to $610 million this year, following a recent investment round that drew an additional $190 million from notable investors such as Hedosophia, CapitalG (Alphabet’s growth fund), and the Singaporean Sovereign Wealth Fund GIC. This significant boost in funding has propelled the company's valuation to approximately $5.2 billion.

In a significant development that underscores the robust health and growing investor confidence in the FinTech sector, UK-based challenger bank Monzo has announced the successful closure of a $400 million funding round. This latest injection of capital propels Monzo's valuation to an impressive $5 billion, marking a significant milestone for the digital bank in its pursuit of profitability and expansion.