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Challenger banks have been expanding significantly in recent years, attracting substantial funding from investors to develop their business models and scale operations. In 2024, several major neobanks secured notable funding rounds despite a more challenging investment environment. Monzo, a leading UK-based digital bank, raised *** million U.S. dollars through a Series I funding round in March 2024, led by CapitalG (Alphabet's investment arm). Tyme Group, operating across South Africa and Singapore, secured *** million U.S. dollars in Series D funding in December 2024, with Brazil's Nubank leading the round and helping the company achieve unicorn status. Meanwhile, U.S.-based Current raised *** million U.S. dollars in a Series E funding round in December 2024, backed by General Catalyst and Cross River Bank.