Monzo has raised a fresh US$190 million bringing its total funding generated this year to US$610 million.
Google's independent growth fund CapitalG is said to have been involved in the fundraising, joining Airbnb and Uber investor Hedosophia and Singapore’s Government Investment Corporation (GIC).
Valuing Monzo at around US$5.2 billion, the latest fundraising improves on March's funding round, when the group brought in US$430 million on a US$5 billion valuation.
Boss TS Anil says the new cash will be used to build new products, such as a pension offering, and help it expand into new markets, including the US.
“What’s exciting to me is that, as we pursue that mission of changing people’s relationship with money, we’ve built a business model that is congruent with that as well, with this model that is built entirely around the customer," Anil said.