Monzo

UK challenger bank with 10M+ personal and business customers — famous for its coral card, instant spending notifications, and no-fee overseas spending. Raised £430M at $5.2B (Mar 2024, CapitalG / HSBC Strategic); posted its first full-year profit in FY2024. Expanding into the US market and launching pension products — building toward a full-service financial super-app.

Fintech🇺🇸 GBFounded 2015RSU equitymonzo.com ↗

Compare ⇄Calculate →

Reviewed May 24, 2026 (2d ago)

Current estimate

4 methods · May 24, 2026Medium confidence (40%)

$5.3B

range $4.0B – $6.6B⚠ methods disagree (3.2× spread)

Implied per-share: $23.1 · vs last primary +2%

This estimate reflects what informed investors are paying on secondary markets like Hiive and Forge — not the 409A valuation on your grant letter.

Last primary round

$5.2B

Growth · 27mo ago

Secondary signal

$4.9B

Hiive · 2026-04-5%

Sourced from Forge/Hiive public data. Full order books require a paid subscription; figures shown are best-effort from public disclosures.

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.

Complete company data

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

Field	Value	Source	Confidence
Company fundamentals
Sector	Fintech	Editorial classification	high
Headquarters	🇺🇸 GB	Company website · Crunchbase	high
Founded	2015	Company website · Wikipedia	high
Website	monzo.com	Direct	high
Latest primary round
Post-money valuation	$5.2B	FT Mar 2024	high
Round name	Growth	FT Mar 2024	high
Date	2024-03-01 (27 months ago)	FT Mar 2024	high
Lead investor	CapitalG / HSBC Strategic	FT Mar 2024	high
Amount raised	$430M	FT Mar 2024	medium
Capitalization
Total fully-diluted shares	230M	SEC Form D · secondary price math · cap-table leaks › 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 (latest primary)	$23	Valuation × 1000 / share count (= $5.2B ÷ 230M)	medium
Primary equity type granted	RSU	Public reports of company equity practices	high
Financials
Annual revenue (est.)	$400M	Sacra · The Information · press leaks › 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	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 via Wayback Machine	medium
12-month headcount growth	+17%	Computed	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)	7%	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: FT Mar 2024

Series G+254%2021-12-01

$4.5B

Led by Abu Dhabi Growth Fund · raised $500M

Source: Bloomberg Dec 2021

Series F↓ DOWN ROUND2020-06-15

$1.3B

Led by Y Combinator Continuity · raised $68M

Source: TechCrunch Jun 2020

Series E+150%2019-06-27

$2.5B

Led by Latitude Ventures · raised $147M

Source: TechCrunch Jun 2019

Series D2018-10-31

$1.0B

Led by General Catalyst · raised $85M

Source: TechCrunch Oct 2018

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

$4.9B-3% vs first recorded

Trade

Bid

⚠

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
2026-04-18	trade	Hiive	$22	$4.9B
2025-11-08	bid	Hiive	$24	$5.5B
2025-05-18	trade	Forge	$22	$5.1B

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.	2.26x	+63%	2026-05-20
MA	Mastercard Incorporated	12.98x	+16%	2026-05-20
NU	Nu Holdings Ltd.	8.15x	+44%	2026-05-20
SOFI	SoFi Technologies, Inc.	5.13x	+43%	2026-05-24
V	Visa Inc.	14.54x	+17%	2026-05-20

Confidence breakdown

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

Method A — Peer-multiple

weight 25%→ $2.0B23% confidence

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

Growth-weighted peer EV/Revenue: 6.4x → 22% private-company discount → 5.0x 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%→ $5.1B55% confidence

Recency-weighted average of 3 secondary indications (180-day decay)

Method C — Primary time-decay

weight 20%→ $6.4B40% confidence

$5.2B round (2024-03-01) × 2.12× growth × 0.89× multiple decay over 2.2 years — capped at 1.3× recent secondary ($4.9B → $6.4B)

Method D — Sector momentum

weight 10%→ $6.1B26% confidence

$5.2B × (1 + 7% p.j.)^2.2yr = $6.1B via FINX ETF-proxy

Overall confidence

40%

Weighted average of the four methods. Above 65% is high, 40–65% medium, below 40% low.

Medium

Worked example for an employee

A concrete walk-through using a hypothetical employee profile. Same engine the calculator uses — try it with your real numbers.

Profile: a hypothetical employee who joined Monzo 24 months ago (2024-05-26) 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)

$23

weighted average of 4 methods

Gross vested value

$23,050

vested shares × implied price

Net value

$23,050

no strike, gross = net

Tax (rough)

$2,534

US federal only · AMT risk: low

What if the next round is…

Up round +30%

$26,057

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

Down round −30%

$13,446

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

Secondary today

$19,593

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

These numbers come from the same engine as the live calculator. Walk through with your own grant: use your real numbers →

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

230M 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 @ 7%/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.