Egyptian founder Ozzie Osman’s Monarch raises $75M Series B to become the new leader in personal finance

Monarch, a San Francisco-based personal finance platform co-founded by Egypt-born entrepreneur Ozzie Osman, has raised $75 million in a Series B round led by Forerunner Ventures and FPV Ventures, bringing its valuation to $850 million.

Founded in 2018 by Osman, Val Agostino (formerly of Mint), and Jon Sutherland, Monarch was designed from day one as a subscription-based alternative to ad-supported personal finance tools. Osman previously served as Head of Product Engineering at Quora and co-founded Parlio, a civic tech startup acquired by Quora in 2016. He also founded Akhbarak.net, one of Egypt’s first Arabic news aggregators, which grew to over 10 million users.

Monarch’s growth has accelerated following the shutdown of Mint in early 2024. Once the category leader, Mint left millions of users searching for a new home. Monarch, already positioned as a privacy-focused, user-first alternative, has seen subscriber growth surge 20x over the past year, with weekly paid subscriber growth averaging 9%.

The platform now offers an ad-free, subscription-only experience priced at $14.99/month, with features including investment tracking, collaborative tools for families and advisors, AI-driven insights, and a best-in-class user interface. Monarch’s product design and approach to financial wellness have drawn comparisons to Canva, simple, elegant, and powerful.

While US consumer fintech has faced growing headwinds, Monarch’s raise is a rare bright spot.