Monzo has raised US$430m (£340m) in a fresh funding round which has lifted the value of the business, as it looks to boost its growth plans.

The UK digital bank, which has more than nine million customers, revealed that the latest fundraise values it at US$5bn (£3.9bn).

The funding round was led by CapitalG, a growth fund led by global technology giant and the owner of Google, Alphabet.

Monzo said it wants to use the cash to speed up its expansion, which could involve entering new markets and launching new products.

Chief executive TS Anil said: “We’ve built incredible momentum in the business over the past few years which has led to us reaching more than nine million customers, turning profitable and launching even more ground-breaking products.

“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.”

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