British neobank Monzo raises $430 million in Alphabet-led round to relaunch in the U.S.
British digital bank Monzo on Tuesday raised $430 million in fresh capital from investors to help it relaunch its services in the U.S.

Monzo raised the money in a new funding round led by CapitalG, the independent venture arm of Google parent company Alphabet .

HongShan, the Chinese venture capital firm that split from Sequoia Capital last year, also backed the round, alongside existing backers Tencent and Passion Capital.

Monzo, which is one of the U.K.'s most popular app-only banks, said the fresh cash would be used to accelerate its expansion plans. The bank's CEO, TS Anil, told the Financial Times the capital would allow Monzo to crack the U.S. market after its previous foray was curtailed by U.S. regulators.

"With backing from global investors, we have the rocket fuel to go after our ambitions harder and faster, building Monzo into the one app that sits at the centre of our customers' financial lives," Monzo CEO TS Anil said in a statement.

"Each milestone we've reached to this point has given us more strength and speed to make strides towards our mission — now we'll scale to even greater heights and seize the huge opportunity ahead."