Monarch, a personal finance startup based in San Francisco, has raised $75 million in a Series B funding round, bringing its valuation to $850 million. The funding round was led by Forerunner Ventures and FPV Ventures and represents one of the largest investments in a U.S. consumer fintech company this year. The capital will help accelerate Monarch’s expansion, particularly as it experiences a surge in users following the shutdown of popular budgeting tool Mint earlier in 2024.
Monarch was founded in 2018 with the goal of transforming the way consumers manage their finances. Its all-in-one mobile platform offers users tools to monitor spending, track investments, and set financial goals. Unlike its predecessor Mint, Monarch operates on a subscription-based model, avoiding the need to monetize through advertising or data sales. This approach, according to co-founder Val Agostino, allows the company to focus entirely on the user experience and privacy.
Since Mint’s closure, Monarch has seen a dramatic increase in its subscriber base—growing 20 times over the past year—as former Mint users searched for alternatives. Agostino, who previously served as an early product manager at Mint, believes the demand underscores a broader need for more intuitive and modern financial planning tools. He argues that personal finance management remains an underdeveloped sector in consumer technology, with many families still relying on outdated practices.
The company emphasizes ease of use and seamless integration of financial accounts. According to FPV Ventures co-founder Wesley Chan, Monarch is distinguished by its frictionless design and the ability to share financial plans, which are features that were lacking in previous platforms. Chan, an early investor in Canva, compared Monarch’s growth trajectory to other breakout tools that redefined their respective industries.
Monarch’s success is notable at a time when most consumer-facing fintechs are facing funding challenges. Recent data shows a steep decline in venture capital interest in B2C fintech models, with most funding now flowing to enterprise-focused companies. Despite this cooling environment, Monarch stands out for its rapid adoption and user engagement.
As the personal finance landscape continues to evolve, Monarch aims to set a new standard for digital money management. With fresh capital and growing momentum, the company is positioned to lead the next generation of consumer fintech solutions.
READ MORE: