Monarch Financial Wellness Funding 2024: Raises $75M to Expand Tech Platform
Money management platform Monarch has secured $75 million in fresh funding to expand its financial wellness technology. The Series B funding round was led by Elephant, with participation from returning investors Accel, SignalFire, and others. This significant investment brings Monarch’s total funding to $93.5 million since its founding in 2019.
Monarch’s platform combines budgeting, saving, investing, and wealth management in one app. The company aims to give everyday Americans better financial visibility and control through its technology. Since launching its premium subscription service in 2021, Monarch has grown rapidly, with its user base increasing by more than 120% last year alone.
“People want comprehensive financial tracking that works with their existing accounts,” said Val Agostino, Monarch’s co-founder and CEO. “Our platform helps users see their complete financial picture in one place, making it easier to plan for both short-term goals and long-term wealth building.”
The fresh capital will help Monarch enhance its platform with advanced financial planning tools. The company plans to add features for complex financial situations like stock compensation and self-employment. They’ll also expand integration capabilities with more financial institutions to provide users with a more complete view of their finances.
Financial wellness apps have seen growing demand as Americans face economic pressures. A recent Federal Reserve survey found that 37% of adults would struggle to cover an unexpected $400 expense, highlighting the need for better financial planning tools. Monarch positions itself as a solution for those looking to improve their financial health through better tracking and planning.
Unlike many competitors that focus on single aspects of finance, Monarch offers a comprehensive approach. Users can track expenses, monitor investments, and plan for retirement all within one platform. This integrated approach has helped the company stand out in the crowded financial technology space.
“The financial wellness market is expanding rapidly as consumers seek tools to navigate economic uncertainty,” said Peter Fallon, General Partner at Elephant. “Monarch’s comprehensive platform addresses this need by providing powerful financial visibility and planning capabilities that were previously available only to the wealthy.”
Monarch offers both free and premium subscription options. The premium service, priced at $9.99 monthly or $89.99 annually, provides advanced features like investment tracking, net worth projections, and retirement planning tools. The company reports strong conversion rates from free to paid users, suggesting consumers find value in these premium offerings.
The company has established partnerships with major financial institutions including Chase, Bank of America, and Fidelity to facilitate account connections. These integrations allow users to automatically import transaction data, investment performance, and account balances without manual entry.
Looking ahead, Monarch plans to introduce AI-powered financial guidance features later this year. These tools will analyze users’ financial data to provide personalized recommendations for improving financial health. The company is also exploring expansion into additional financial services, potentially including insurance and lending products.
“Financial wellness isn’t just about tracking spending—it’s about having a complete picture of your finances and a plan for the future,” said Agostino. “With this new funding, we’re building tools that make sophisticated financial planning accessible to everyone, not just those who can afford expensive financial advisors.”
Industry analysts view Monarch’s funding as part of a broader trend toward integrated financial services. According to a recent Bloomberg report, financial wellness platforms saw over $1.5 billion in venture funding last year as investors bet on growing consumer demand for comprehensive money management tools.
Monarch faces competition from established financial apps like Mint and Personal Capital, as well as newer entrants to the market. However, the company believes its all-in-one approach and focus on both day-to-day money management and long-term wealth building gives it a competitive advantage.
The financial wellness technology sector continues to evolve as consumers seek better tools for managing increasingly complex financial lives. With its fresh funding, Monarch appears well-positioned to capitalize on this trend and expand its reach in the coming years.
