BRITISH digital bank has raised £340 million (S$579.34 million) at a £4 billion valuation, the company said in a statement on Tuesday (Mar 5).

The round was led by CapitalG, a fund owned by Google-owner Alphabet, and included investment from GV (Google Ventures) and Chinese venture capital firm HongShan Capital.

Monzo, which said it became profitable in March 2023, said it would use the funds to expand and introduce new products.

The company was valued at US$4.5 billion in late 2021 after a previous funding round. REUTERS