British Neobank Monzo's selling on the secondary market brings its valuation to $5.9 billion

In the deal, which was originally mentioned yesterday, the London-based fintech's current investors, including StepStone Group and Singapore's sovereign wealth fund (GIC), acquired more shares. 

In essence, a secondary market sale compensates staff members for driving a business to its current state without needing to go public, or at the very least, buys it more time. 

Monzo has had an extremely busy year. Just two months after initiating a $425 million Series I round, in which Alphabet's CapitalG and sibling venture capital firm GV made an uncommon co-investment, the company raised $190 million in May. Almost $1.5 billion has been raised by the firm since its establishment nine years ago.