UK digital bank startup Monzo has raised another $190 million from a group of high-profile investors, the company announced on Wednesday. The latest round pushes the total funding raised by the company so far this year to $610 million.

The round was backed by new investors including Hedosophia, an investor in some of the top European fintechs including N26 and Qonto. CapitalG, Alphabet’s independent growth fund, also contributed to this round.  Singaporean sovereign wealth fund GIC also participated in this round, CNBC reported, citing a source familiar with the matter who spoke on the condition of anonymity as details of GIC’s participation aren’t yet public.

The latest funding values the British neobank Monzo at about $5.2 billion, an increase of $0.2 billion from its $5 billion valuation when the startup raised $431.26 million in March. According to Dealroom data, the combined $610 million round marks the single-largest funding round for a European fintech so far this year.

Monzo CEO told CNBC that the company will use the fresh capital infusion to build new products and accelerate its international expansion plans.

“At the heart of it we are a mission-oriented company that’s looking to build the single place where people can meet all of their financial needs,” Anil told CNBC in an exclusive interview.

“What’s exciting to me is that, as we pursue that mission of changing people’s relationship with money, we’ve built a business model that is congruent with that as well, with this model that is built entirely around the customer.”

Despite facing headwinds in the US market due to regulatory hurdles, Monzo’s CEO, TS Anil, remains undeterred in his vision to conquer new territories. The company is eyeing a triumphant return to the US, leveraging strategic partnerships and its proven track record as a fully licensed UK bank.

Anil’s bullish outlook extends beyond the US, with Monzo contemplating a foray into the lucrative European market, although concrete plans are yet to be unveiled. Undoubtedly, Monzo sees itself as a frontrunner in the global banking revolution, poised to revolutionize how customers manage their finances on a worldwide scale. In a statement, Anil told the Financial Times on Tuesday saying:

“Banking is still in the infancy of its transformation and we are seen as an outlier in pole position to win,” said chief executive TS Anil. “I think of this as a race to transform how customers interact with their money, to win at a global scale.”

He added: “Through much of last year inbound interest was incredibly strong, so towards the end of the year we decided to crystallize it.”

Founded in 2015 by visionary entrepreneurs including Tom Blomfield, Gary Dolman, and Jason Bates, among others,  Monzo has emerged as a trailblazer in the digital banking arena. With its user-friendly mobile app and commitment to innovation, Monzo has amassed a loyal user base exceeding 2 million customers, a number that continues to soar with each passing month.

Tom Blomfield, the driving force behind Monzo’s meteoric rise, envisions further exponential growth, projecting a user base of 3 million soon. In a fiercely competitive landscape dominated by rivals like Revolut and Plum, Monzo stands out for its seamless user experience and laser-focused appeal to millennial demographics.