Monarch, a San Francisco-based personal financial management (PFM) app, has secured $75 million in a Series B funding round co-led by FPV Ventures and Forerunner Ventures.
Existing investors Accel, SignalFire, Clocktower Ventures, and Menlo Ventures also participated in the round, which values Monarch at $850 million.
Founded in 2018, Monarch’s mobile app integrates users’ bank accounts, credit cards, investments, loans, and real estate for a consolidated financial overview. The platform features net worth tracking, personalised financial advice, forecasts for savings, and various budgeting tools.
CEO and co-founder Val Agostino revealed in a CNBC interview that Monarch experienced a twentyfold increase in subscribers following Intuit’s announcement last year that it would shut down rival PFM service Mint, where Agostino previously served as director of product.
Regarding the fresh funding, Monarch said: “We will be rapidly growing our team and expanding the breadth of the Monarch platform.” The company is currently recruiting for numerous engineering and marketing positions across North America.
Source: https://www.fintechfutures.com/
