Monarch, a San Francisco-based personal finance startup, has raised $75 million in Series B funding. The round, led by Forerunner Ventures and FPV Ventures, catapults Monarch’s valuation to $850 million. This is a striking feat in a year when most direct-to-consumer fintechs are struggling to attract investor interest.
With this funding, Monarch’s momentum has surged following the shutdown of Mint, the once-dominant budgeting app acquired by Intuit in 2009 and shut down in early 2024. Mint, at its peak, served over 3.6 million active users, and its closure left a massive gap in the market for personal finance management tools. Mint’s departure from the market left millions of users in search of a trustworthy alternative and Monarch was perfectly positioned to catch the wave.
The opportunity born from Mint’s exit
Founded in 2018 by Val Agostino, a former product manager at Mint, Jon Sutherland, and Ozzie Ozman, Monarch had long been building toward a more comprehensive and user-aligned finance tool. However, it was Mint’s exit that truly catalysed the company’s growth. Over the past year, Monarch’s subscriber base is claimed to have surged 20-fold. The company now boasts the fastest-growing personal finance platform in the United States, with paid subscriber growth of approximately 9% per week since launching publicly.
While Mint relied on ads and partnerships with credit card companies to keep the product free, Monarch opted for a subscription-based model from day one. That decision now seems visionary. By focusing on user privacy and independence, Monarch has built trust where other tools often falter.
The company notes that its success hinges on a simple but powerful promise: no ads, no selling of user data, and a beautifully designed platform that does more than just track expenses. From budgeting and goal setting to investment tracking, Monarch’s all-in-one mobile app is engineered to make managing money less painful and dare we say, even enjoyable. Its subscription model is priced at $14.99/month, with an annual plan available for $89.99, and it offers features such as comprehensive account aggregation, AI-driven insights, and collaborative tools for couples and financial advisors.
A crowded market with room for innovation
The personal finance app space is notoriously crowded, with competitors ranging from free banking apps to high-end financial advisors and every AI-driven budgeting tool in between. The global personal finance software market is projected to grow from $132.92 billion in 2024 to $167.09 billion in 2025, at a CAGR of 25.7%, driven by smartphone adoption and rising financial literacy. So how did Monarch stand out?
According to Wesley Chan, co-founder of FPV Ventures’ LinkedIn post, Monarch’s secret weapon is its user experience. The onboarding process is seamless, syncing accounts and categorising expenses more intuitively than many of its rivals. This matters in a world where financial literacy is still a challenge and friction is a major drop-off point.
Chan also sees parallels between Monarch and Canva—both tackle complex, underserved markets with sleek, accessible interfaces that appeal to mainstream users. Monarch’s success lies not just in what it does, but in how simply it does it. Early investor SignalFire believes Monarch could become “the OS for personal finance,” highlighting its potential to serve as the foundational platform for how people manage their money.
Building trust in an age of data exploitation
In a digital ecosystem rife with privacy concerns, Monarch’s ethos of user-first, ad-free service has struck a chord with today’s more discerning consumer. While free budgeting tools can be helpful, they often come at the cost of being bombarded with credit card offers or seeing your financial behavior fed into opaque data systems.
Monarch’s subscription-only model currently starting at $14.99/month gives it freedom to innovate without compromising integrity. It also creates alignment: if the product doesn’t deliver, users will cancel. That pressure has pushed Monarch to constantly iterate and improve, earning high retention rates and strong word-of-mouth growth.
Breaking through in a tough fintech climate
It’s no secret that US consumer fintech has hit a rough patch. After a period of wild growth and lofty valuations, many startups are now seeing funding dry up and business models tested. Monarch’s sizable Series B is a rare bright spot, underscoring that venture capital is still available for companies with the right mix of timing, team, and traction.
Other notable exceptions in the space include Felix, a money remittance app focused on Latino immigrants. However, Monarch’s general-audience appeal, combined with its sharp product and experienced founding team, makes it a standout. The timing of Mint’s shutdown created a “perfect storm” for Monarch, as many users found Intuit’s suggested alternative, Credit Karma, lacked the core budgeting features they valued, driving further migration to Monarch.
What’s next for Monarch?
With fresh capital in hand, Monarch plans to double down on growth, expanding its subscriber base, enhancing product features, and potentially exploring integrations with other financial services. The company will also invest in expanding its team and deepening its platform’s capabilities, aiming to offer even more personalised financial guidance and broader financial institution integrations.
More broadly, Monarch is tapping into a shift in how consumers think about money. It’s no longer just about tracking spending but about feeling empowered to make smarter decisions, reach goals, and reduce anxiety around finances. Jonathan Gass, Monarch’s co-founder, emphasises that financial stress is the single largest source of household stress, a primary cause of divorce, and a leading driver of mental health issues.
Monarch’s mission is to help people build a healthier, more intentional relationship with money. Monarch’s elegant platform and transparent business model put it in the vanguard of that shift. With an $850 million valuation and a surge of post-Mint momentum, it may soon find itself not just an alternative, but the new leader in personal finance.
