The fundraising initiative is one of the largest in 2025 for an American consumer fintech startup, with the company valued at USD 850 million, according to its officials. The Series B funding round was led by Forerunner Ventures and FPV Ventures.
Monarch plans to deliver a mobile app designed to help users monitor their expenses, investments, and financial goals. This market was previously dominated by Mint, a personal finance company that was acquired by Intuit in 2009. After years of stagnation, Intuit decided to shut down Mint in early 2024.
The company’s funding round comes at a time when interest in consumer-focused fintech’s in the US has diminished. Monarch is among the few firms to secure significant Series B funding; other notable recent examples include Felix, a money remittance service targeting Latino immigrants.
In the first quarter, fintech companies raised USD 1.9 billion in venture funding, reflecting a 38% decline from the previous quarter. This trend indicates growing investor caution toward direct-to-consumer models, as highlighted in a recent PitchBook report. According to PitchBook, approximately three-quarters of all the venture capital raised during this quarter was allocated to companies in the enterprise fintech sector.
Representatives from Monarch noted that managing finances remains a significant challenge in consumer technology. The approach taken by American families to handle their finances has changed little since the late 1990s; the primary difference is that they now use their phones instead of visiting a bank. Following Intuit's announcement of Mint's closure, Monarch, which was established in 2018, experienced a 20-fold increase in its subscriber base in 2024, as users began looking for alternatives.
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