News of the new funding round comes just weeks after the app-only bank secured $400 million in financing, boosting it valuation to $5 billion. Monzo currently claims more than nine million personal account customers, making it the 7th biggest retail bank in the UK by customer numbers. After a rocky post-pandemic, the lender has bounced back strongly, rolling out a series of new services for pension and investment and preparing for a move into the insurance segment. After years of losses, the bank is expecting to finally hit profitability this year. The new funding will be used on product development and for international expansion, both across Europe and into the US.