Monzo

UK challenger bank with 10M+ personal and business customers — famous for its coral card, instant spending notifications, and no-fee overseas spending.

FintechUnited Kingdom·Founded 2015·RSU equity·monzo.com ↗

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Source review Jun 2026 — source URL pending

Reference estimate only

4 methods · Source review Jun 2026 — source URL pendingLow confidence (27%)

The four valuation methods disagree significantly (4.7× spread). Treat this as a wide reference range only — not a reliable point estimate.

$5.2B

wide range · ~$2B – ~$8B

Implied per-share: $19.1 · vs last primary -1%

No verified public secondary-market signal available for Monzo. The estimate relies on last confirmed financing, peer multiples, sector momentum, and time decay.

Valuation basis:Last primary roundSource review Jun 2026 — source URL pending

Last primary round

$5.2B

Growth · 28mo ago

Secondary signal

—

No verified secondary signal

No verified public secondary signal is available. Hiive/Forge links are monitoring links only, not evidence of a current executable price.

Headcount

3,500

employees · LinkedIn+17%

LinkedIn count — directional proxy only. Historical figure sourced via Wayback Machine; treat ±15% as normal variance.

Revenue (est.)

$400M

annual run rate · est.

ℹ

Last confirmed equity primary: £430M Growth round at $5.2B (Mar 2024). A secondary transaction in Oct 2024 implied ~$5.9B — shown as a secondary signal below.

Complete company data

Every input we use, where we got it from, and how much we trust it.

⚠

Source review: key primary-round source URL still pending. Figures are retained as historical reference and marked low-confidence where applicable.

Field	Value	Source & Verification	Confidence
Company fundamentals
Sector	Fintech	Editorial classification	high
Headquarters	United Kingdom	Company website · Crunchbase	high
Founded	2015	Company website · Wikipedia	high
Website	monzo.com	Direct	high
Last primary round
Post-money valuation	$5.2B	Monzo blog · confirmed by FT Mar 2024[source URL pending]	medium
Round name	Growth	Monzo blog · confirmed by FT Mar 2024	high
Date	2024-03-01 (28 months ago)	Monzo blog · confirmed by FT Mar 2024	high
Lead investor	CapitalG / HSBC Strategic	Monzo blog · confirmed by FT Mar 2024	high
Amount raised	$430M	Monzo blog · confirmed by FT Mar 2024	medium
Capitalization
Total fully-diluted shares	268.182M	Derived/estimated — SEC Form D filings, secondary price math, cap-table summaries[estimated — not authoritative] › notes Public total fully-diluted share count: estimated from SEC Form D filings, secondary-market pricing math (implied valuation ÷ price per share), and leaked cap-table summaries. Considered the lowest-confidence input.	low
Implied share price (illustrative only)	~$19	$5.2B anchor × 1000 ÷ 268.181818M shares[derived] › notes Wide method spread — treat as illustrative mechanics only. The last primary round is a more reliable anchor for high-stakes decisions.	low
Primary equity type granted	RSU	Public reports of company equity practices	high
Financials
Annual revenue (est.)	$400M	Estimated — best available public estimates (Sacra, The Information, company ARR disclosures, press reports)[estimated — not independently verified] › notes Annual revenue: best public estimates from Sacra, The Information, WSJ leaks, or company-stated ARR. Where official, we cite the source on the funding round.	medium
EV / Revenue (implied)	13.0x	Computed from valuation ÷ revenue[derived]	medium
Headcount
Employees (now)	3,500	LinkedIn — current company page count › notes Headcount: LinkedIn 'Company' page employee count, taken now and approximately 12 months ago via the Wayback Machine. Treat as a directional proxy for revenue growth, not a hard number.	medium
Employees (12 months ago)	3,000	LinkedIn company page — historical snapshot via Wayback Machine[estimated — ±15% directional proxy]	medium
12-month headcount growth	+17%	Computed[derived]	medium
Methodology inputs
Sector ETF proxy	FINX	Editorial choice — most representative public ETF › notes Sector ETF: editorial choice of the most representative public-market proxy. Annual return: 3-year trailing average from Yahoo Finance, refreshed quarterly.	medium
ETF annual return (trailing 3-yr)	5%	Yahoo Finance · refreshed quarterly	medium

Funding history

Primary rounds reported in Bloomberg, WSJ, TechCrunch, Reuters, or SEC Form D filings (efts.sec.gov). Linked per round below.

Valuation progression (equity rounds)

Valuation progression · equity rounds

$5.2Blatest · Growth

Total growth

5×

Primary round

Down round

Growth+16%2024-03-01

$5.2B

Led by CapitalG / HSBC Strategic · raised $430M

Source: Monzo blog · confirmed by FT Mar 2024(source URL pending)

Series G+254%2021-12-01

$4.5B

Led by Abu Dhabi Growth Fund · raised $500M

Source: Bloomberg Dec 2021(historical ref.)

Series F↓ DOWN ROUND2020-06-15

$1.3B

Led by Y Combinator Continuity · raised $68M

Source: TechCrunch Jun 2020(historical ref.)

Series E+150%2019-06-27

$2.5B

Led by Latitude Ventures · raised $147M

Source: TechCrunch Jun 2019(historical ref.)

Series D2018-10-31

$1.0B

Led by General Catalyst · raised $85M

Source: TechCrunch Oct 2018(historical ref.)

Secondary market signals

Secondary market signals: bid/ask/trade indications from Hiive (hiive.com), Forge Global, Caplight Index, and tender prices reported in the press.

Implied valuation over time

Implied valuation · secondary market

$5.9B

Trade

⚠

Forge and Hiive publish aggregated market data publicly, but full order books, individual bids/asks, and confirmed trade prices require a paid account. The figures below are sourced from their public summaries, press-reported tender prices, and SEC disclosures. They represent the best publicly available signal — not a guaranteed executable price.

Date	Type	Source	Price / share	Implied valuation
2024-10-01	trade	Public Report	$26	$5.9B

View live indications: Hiive ↗ · SEC Form D filings ↗

Public peer comparables

Public peer comparables: editorial selection of public companies with the closest business model. EV/Revenue and growth from public 10-Q filings and Bloomberg, refreshed quarterly.

Ticker	Company	EV / Revenue	Revenue growth	As of
GPN	Global Payments Inc.	2.3x	+63%	2026-07-10
MA	Mastercard Incorporated	13.62x	+16%	2026-07-10
NU	Nu Holdings Ltd.	8.7x	+44%	2026-07-10
SOFI	SoFi Technologies, Inc.	6.11x	+43%	2026-07-10
V	Visa Inc.	15.39x	+17%	2026-07-10

Confidence breakdown

How much we trust each of the four valuation methods for this specific company, and why.

Method A — Peer-multiple

weight 25%suppressed23% confidence

↳ Effectively excluded from the blend — this method is structurally unreliable for this company.

Growth-weighted peer EV/Revenue: 6.9x → 22% private-company discount → 5.4x on $400M revenue. Output implies less than half the recent market anchor ($5B) — this company is likely valued on optionality / non-revenue factors and Method A is structurally less reliable here.

Method B — Secondary-implied

weight 45%suppressed25% confidence

↳ Effectively excluded from the blend — this method is structurally unreliable for this company.

No verified secondary market data available — estimate relies on primary round, peer multiples, and sector momentum.

Method C — Primary time-decay

weight 20%→ $10.1B38% confidence

$5.2B round (2024-03-01) × 2.21× growth × 0.88× multiple decay over 2.4 years

Method D — Sector momentum

weight 10%suppressed25% confidence

↳ Effectively excluded from the blend — this method is structurally unreliable for this company.

$5.2B × (1 + 5% p.j.)^2.4yr = $5.8B via FINX ETF-proxy

Overall confidence

27%

Weighted average of the four methods. Above 60% is high, 35–60% medium, below 35% low.

Low

Worked example for an employee

Illustrative mechanics only — this shows how the equity model works, not a reliable value estimate.

Illustrative mechanics only

This example shows equity mechanics only. It is not a reliable estimate of current value because model support is weak (confidence 27%, spread 4.7×).

Show illustrative values (not a reliable estimate) ▸

Profile: a hypothetical employee who joined Monzo 24 months ago (2024-07-10) with 2,000 units, on the standard 4-year vesting schedule with a 1-year cliff.

Vesting

1,000 of 2,000

50% vested at month 24

Implied share price (mid)

$19

weighted average of 4 methods — low confidence

Gross vested value

$19,141

vested shares × implied price

Net value

$19,141

no strike, gross = net

Tax (rough)

$2,065

US federal only · AMT risk: low

What if the next round is…

Up round +30%

$21,637

New round at +30% valuation, 15% new shares issued

Down round −30%

$11,165

New round at −30% valuation, 20% new shares (higher dilution in distress)

Secondary today

$16,270

Sale on the secondary market at the typical 15% discount to the mid estimate

These illustrative values use the same calculation engine as the live calculator, but the underlying model is low-confidence for Monzo. Use your own numbers as a starting point only. Try the calculator →

Transparent assumptions

What we assumed where exact data isn't available. If any of these don't match your situation, the numbers above will be off.

Fully-diluted share count

268.181818M shares

We don't have authoritative cap-table access for private companies. The number above is reconstructed from SEC Form D filings, secondary-market price-vs-valuation math, and leaked share-class summaries. Actual fully-diluted count (including unvested option pool and SAFEs) may differ by 5–15%.

Common-stock waterfall

1.0× to common

We assume a clean common-stock outcome — i.e. preferred-share liquidation preferences and ratchets do not extract value before common. In a down-exit, this assumption can be very wrong: preferred stack can take 30–70% of proceeds.

Private-company illiquidity discount

22% off public peers

Applied to Method A (peer-multiple). Per-company because category leaders with deep secondary markets and a clear IPO path warrant a smaller discount than early-stage names. The literature range is 10–35%; for Monzo we use 22% based on secondary-market depth, valuation history, and proximity to liquidity.

Revenue growth assumption (Method C)

40% YoY

Compounded forward from the last primary date to today to estimate the company's value drift. Set per-company based on disclosed or reported ARR trajectory. Method C is further capped at 1.3× the most recent secondary trade (if any) to stop runaway extrapolation when revenue growth outpaces what the market is actually paying.

Sector ETF momentum (Method D)

FINX @ 5%/year

Method D applies the trailing return of FINX as a market-proxy adjustment to the primary valuation. Crude — meant as a tiebreaker when peer and secondary data conflict, not as a primary signal.

Outlier auto-downweight

Methods >50% from median get ½ weight

Robust-statistics safety net: any method whose output strays more than 50% from the median of the other three methods has its confidence weight halved when computing the blended mid-point. Prevents a single bad extrapolation from dragging the headline.

Recency decay for secondary trades

180-day half-life (e⁻ᵈ/¹⁸⁰)

A trade from 30 days ago counts ~5× more than one from 180 days ago. Tunable; some platforms use shorter half-lives.

Tax estimate

US federal only, single filer

Uses 2024 US federal brackets, ignoring state tax, NIIT, AMT credit recovery, and any other deductions. Treat as a directional sanity check, not a tax bill.

All data from public sources. Not investment, tax, or legal advice. Not affiliated with Monzo. Last refreshed manually — see methodology for our update cadence.