Monzo, a UK-based neobank, has a secondary market valuation of $5.9B.
Monzo is now valued at $5.9 billion after the U.K.-based challenger bank confirmed a secondary market share sale to provide liquidity for its employees.
The transaction, first rumored yesterday, saw existing investors such as Singapore’s sovereign wealth fund (GIC) and StepStone Group procuring additional shares in the London-based fintech.
A secondary market sale essentially rewards employees for getting a company to where it is, without having to go public — or, at least, buying it more time.
It has been an action-packed year for Monzo. Monzo raised $190 million just two months after launching a $425-million Series I round, which saw Alphabet CapitalG and sister VC company GV make a rare joint investment. Since its founding nine years ago, the startup has raised approximately $1.5 billion. Monzo’s revenues had more than doubled in the following month. The company claims 20% of U.K. adults as customers, and 6% of businesses. Revolut, a U.K. neobank that recently secured its own banking licenses in Mexico and the U.K., confirmed a $45 billion valuation via a secondary market sale.
