Monarch Raises $75M Amid Fintech Downturn, Touted as Successor to Mint

Personal finance app Monarch has raised $75 million in Series B funding, one of the largest consumer fintech deals of the year, despite ongoing investor hesitation across the sector.

The new round values the San Francisco-based startup at $850 million, co-founder Val Agostino told CNBC. The capital will be used to accelerate subscriber growth and further expand Monarch’s suite of money management tools. Leading the round were Forerunner Ventures and FPV Ventures.

Monarch’s growth surged in 2024 after rival budgeting tool Mint — once the dominant player in online personal finance — was shut down by parent company Intuit. The closure created an opening in the market that Monarch quickly capitalized on.

“Managing your money is still an unsolved problem in consumer tech,” Agostino said. “What we’re doing now is what people needed years ago — something clear, shareable, and frictionless.”

From Niche Tool to Financial Hub

Founded in 2018, Monarch offers an all-in-one platform for budgeting, investment tracking, and financial goal planning. Unlike Mint, Monarch relies entirely on paying subscribers, avoiding ad revenue from credit card companies or the need to sell user data.

According to Agostino, Monarch’s subscriber count has grown 20x in the year following Mint’s closure, driven by demand for a privacy-focused alternative.

FPV co-founder Wesley Chan compared Monarch’s impact to previous breakout tools like Canva. “It’s simple, intuitive, and solves a real pain point,” Chan said. “That’s why it’s growing so fast and why engagement is off the charts.”

Rare Win in a Frozen Market

Monarch’s raise stands out in what Chan describes as a “nuclear winter” for direct-to-consumer fintech. Fintech funding fell 38% in Q1 of 2025 compared to the previous quarter, with just $1.9 billion raised across the industry, according to PitchBook. Most of that capital went to enterprise fintech solutions, not consumer-focused platforms.

Still, Chan sees opportunity. “This is the best time to build. Most of the hype is gone, and only strong products with real traction survive,” he said.

Other notable recent consumer fintech raises include Felix, a remittance platform focused on Latino immigrants.

As legacy tools fade and consumers demand more from their financial apps, Monarch is positioning itself not just as a Mint replacement, but as a next-generation hub for modern money management.