On Thursday, app-only bank and Crowdcube alum, Monzo, announced it has raised £4.8 million during an “interim” funding round, which was led by Passion Capital. The company crushed past records by securing £1 million in an astounding 96 seconds.
According to Business Insider, the funding round now values Monzo at£50 million, it was previously valued at£30 million during its February 2016 funding round. Sharing details about the round, CEO of Monzo, Tom Blomfield reportedly stated:
“With the huge success of our Beta program, we wanted to raise additional funding to allow us to continue growing and keep up with the overwhelming demand.”
Blomfield also mentioned that with Passion’s support he and his team have been able to close the latest funding round quickly so that they can get back to working on the bank’s growth and development. Also discussing the beta Monzo accounts, Blomfield revealed:
“We launched these Monzo accounts as a beta trial, ahead of our full current accounts available next year. For a pilot programme, the response has been incredible — we’ve seen more than £45 million spent by 50,000 people in over 150 countries. What’s more, over 60% of the Beta accounts are being used actively.”
This funding round comes just nearly two months after Monzo rebranded from Mondo. Following the new name’s debut, the company reported over 200,000 people have signed up to help the company make its “banking” goals and nearly 30,000 prepares cards are in circulation. Most recently, Monzo launched an Android version of its app and confirmed to BI that it has 8,000 Android members already signed up.
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