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Monarch secures USD 75 million in funding

Monday 26 May 2025 13:13 CET | News

Monarch has raised USD 75 million to boost subscriber growth, which surged in 2024 following the shutdown of the budgeting tool Mint.

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.

 

Monarch secures USD 75 million in funding

 

Fintech companies secure USD 1.9 billion in venture capital funding

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.


Source: Link


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Keywords: banking, fintech, funding, mobile app, financial services
Categories: Banking & Fintech
Companies: Mint, Monarch
Countries: United States
This article is part of category

Banking & Fintech

Mint

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Monarch

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