Monarch Money Raises $75 Million to Grow Financial Wellness Platform

Monarch Money has raised $75 million in a Series B funding round to continue growing its financial wellness platform.

The company will use the new capital to add to its team and expand the breadth of the platform, Monarch Money Co-founder and CEO Val Agostino wrote in a Friday (May 23) blog post.

“We strongly believe that everyone — no matter where they’re starting — can improve their financial situation with the right information, tools and guidance,” Agostino said in the post.

Monarch was started six years ago and is now the fastest growing personal finance platform, according to the post.

The platform helps members see all their finances in one place; see graphs of their net worth, cash flow and budget progress over time; track their progress against financial goals; collaborate with others on their financial progress; and get personalized financial advice, per the post.

“However, this is just the beginning,” Agostino said in the post. “We are just getting started and have big plans for evolving the Monarch platform on the journey toward unlocking financial wellness for all households.”

Monarch’s latest funding round was co-led by FPV Ventures and Forerunner Ventures, according to the post.

Wesley Chan, co-founder and managing partner at FPV Ventures, said in a Friday post on LinkedIn that Monarch is “what we believe to be the best money management experience we’ve ever seen.”

“When we tried it out, we were floored by how easy it was to sign up and link all of our accounts to the app,” Chan said. “Val has been relentless in driving out the friction so his users of all financial situations can get started at using Monarch, and using it has been pure joy.”

Younger consumers are coming to rely on digital banking tools to educate themselves about financial matters, according to the PYMNTS Intelligence report, “Digital-First Banking Tracker®.”

In an earlier, separate development in this space, Upbound Group said in December that it was acquiring financial health technology company Brigit to expand its financial solutions and help create “an industry-leading technology platform for the financially underserved.”

During the same month, Gen Digital said it was acquiring MoneyLion to add financial wellness tools to the credit and identity protection solutions it already offered.