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Yes for most people: Monarch Money gets read-only access to your banks, says it never sees your bank login, and we found no reported breach. Two defaults are worth changing: login MFA is off, and ad partners get your device data and email until you opt out.
Use it if you want a read-only view of all your accounts and will take five minutes to turn on MFA and the ad opt-out.
Be careful if your bank asks for its password inside the Plaid, Finicity or MX window, because the data provider then holds that login.
Skip it if you do not want any outside company holding your transaction history; a tracker without bank linking keeps it with you.
sources checked 2026-10-13 · by dan scutaru
| what we checked | what we found |
|---|---|
| Who owns it | Monarch Money, Inc., venture-backed A private company led by co-founder and CEO Val Agostino; its $75 million Series B in May 2025 was co-led by FPV Ventures and Forerunner Ventures. source |
| Bank connection | Plaid, Finicity or MX, read-only Monarch says it never sees your bank login and cannot move money; banks without OAuth still pass your password to the data provider. source |
| Encryption and audits | SOC 2 Type 2, company claim Announced January 21, 2026, auditor not named; Monarch says data is encrypted at rest and in transit and stored in US-based AWS data centers. source |
| Sharing | No financial data to advertisers The policy effective August 10, 2026 gives ad partners device, browsing, profile and demographic data, never transactions. source |
| Login protection | MFA is opt-in Authenticator-app MFA must be switched on from a web browser; Monarch also sends one-time codes for logins from unrecognized devices, it says. source |
| Breaches and regulators | None found We found no reported breach and no FTC or CFPB action against Monarch Money. source |
| Deleting your data | Two steps, not one Deleting the account is permanent, but erasing the personal data Monarch holds is a separate request to support@monarch.com. source |
Not your financial data. The privacy policy says Monarch will never sell it, and transactions and balances go only to service providers and parties you authorize. Marketing is looser: advertising partners get your device and browsing data, name, email, ad ID and demographics, which the policy admits some state laws count as selling or sharing. The opt-out form and Global Privacy Control stop it. Rocket Money answers the same question differently, on its own page.
Yes, with one condition. Monarch connects through Plaid, Finicity (owned by Mastercard) or MX, read-only. Most large banks send you to their own login page and hand the provider a token. Some still use the older method: you type your bank password into the provider's window and the provider uses it to fetch your data. Monarch never sees it, but the provider holds it.
Yes. Monarch Money, Inc. has named investors, among them FPV Ventures, Forerunner Ventures, Menlo Ventures and Accel, and earns its money from subscriptions, not ads. The fair complaint is narrower: its security claims, the SOC 2 audit included, rest on its own word, with no auditor named and no public report.
Monarch Money, Inc., a private, venture-backed company led by co-founder and CEO Val Agostino. We found no report of a sale since its May 2025 Series B.
We found none reported. Your bank links run through Plaid, Finicity and MX, so their record counts too: Plaid paid $58 million in 2022 to settle a class action alleging it collected bank data without consent.
Only what a task needs, such as transaction descriptions, sent to models from OpenAI, Anthropic and Google that may not train on it, Monarch says. You can hide the assistant in Settings, Preferences; AI categorization stays on.