Amid tough market conditions, digital bank Monzo has raised £340bn (€409mn) in new funding, reaching a post-money valuation of £4bn (€4.7bn). The round was led by new investor CapitalG, the growth fund of Google’s parent company Alphabet. GV (Google Ventures, Alphabet’s venture capital investment arm) and HongShan Capital (a ChineseVC firm that split from Sequoia Capital last year) also participated, alongside existing investors including Passion Capital and Tencent. Monzo says that the fresh capital will accelerate its business growth, product development, and expansion plans. It will also allow the London-based fintech startup to relaunch in the US, Monzo’s CEO TS…
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