Monarch, a personal finance application, has garnered $75m in a Series B funding round, aiming to speed up its goal of taking financial wellness to the masses.
The investment round was jointly led by FPV Ventures and Forerunner Ventures, with participation from existing investors Menlo Ventures, Accel, SignalFire, and Clocktower Ventures.
The company plans to use the latest funding to expand its team and platform.
In a blog post, Monarch Money Co-founder and CEO Val Agostino said: “We started Monarch six years ago with a clear but ambitious mission to solve this problem for all households, not just the wealthy. We strongly believe that everyone – no matter where they’re starting – can improve their financial situation with the right information, tools, and guidance.
“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 platform offers a comprehensive view of personal finances by connecting with a wide array of financial institutions.
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By GlobalDataThis enables users to monitor their financial status through intuitive graphs that display net worth, cash flow, and budget progress over time.
Monarch also aids users in tracking their progress against financial goals.
The platform also fosters collaboration among partners, spouses, or financial professionals, ensuring that all parties involved can stay informed and work together on financial planning.
Moreover, the offering provides personalised financial advice through an advisor feature.
In a LinkedIn post, FPV Ventures co-founder and managing partner Wesley Chan said: “Our investment in Monarch is the first investment out of our new $525M fund to back the next generation of mission-driven founders. It is also the largest initial check FPV has written into any company.”
