Monarch, the Personal Finance App, Secures $75 Million Funding Amidst Fintech ‘Nuclear Winter’—What This Means for Your Money

Monarch, a personal finance startup, has raised $75 million to boost its growth. This funding comes after a wave of interest grew when the budgeting app Mint was shut down last year. Valued at $850 million, Monarch’s Series B funding was led by Forerunner Ventures and FPV Ventures.

Founded in 2018, Monarch offers an app that combines spending tracking, investments, and financial goals. When Mint, a once-thriving tool, was shut down in early 2024 after years of stagnant updates, users quickly sought alternatives. “Managing your money feels stuck in the past, even though we use our phones now,” said co-founder Val Agostino.

Since Mint’s closure, Monarch’s subscribers have surged by 20 times. While Mint was free and relied on ads, Monarch operates on a subscription model, prioritizing user privacy over selling data.

FPV co-founder Wesley Chan highlighted that Monarch simplifies the onboarding process and expense tracking compared to other tools. He believes Monarch’s approach makes it a fitting successor in the financial planning space, leading to high engagement rates.

Despite Monarch’s success, many U.S. fintech companies face challenges in attracting investment. Recent data shows overall funding dropped 38% in the first quarter, with most money flowing into enterprise fintech. Chan noted that the market has cooled significantly since the previous boom, which may benefit startups focusing on long-term growth.

This shift in the fintech landscape shows the demand for innovative financial tools that prioritize user experience and privacy. As consumers seek reliable solutions, Monarch’s approach and performance might shape the future of personal finance apps.



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