Less than a month after securing £85 million through its latest investment round, which was led by General Catalyst, alongside Accel, UK-based challenger bank Monzo announced on Monday it is now seeking up to £20 million through its upcoming crowdfunding efforts. As previously reported, Monzo (which was originally named Mondo) was launched in 2015 and describes itself as a fintech startup that “lives on smartphones” and is built the way its customers live. The company explained:
“Since we started we’ve been busy building the best current account in the world. We now have more than one million customers using our debit cards to manage their money and spend around the world. Download the app today to join the revolution.”
Monzo recently revealed it now has more than one million customers. At the beginning of this year, the bank’s team asked customers to upgrade to full Monzo current accounts, and nearly 95% of our users came with us. Since then, they rolled out some great new features, including joint accounts, accounts for 16-year-olds, and most recently, the super simple bill splitting functionality. Speaking about the company’s growth, the Monzo team stated:
“We’re building a bank, for and with our customers. And our community has played a crucial part in making Monzo what it is today. Through your support, energy and honest feedback, you hold us accountable and help us focus on what matters. In short, you help us build a better bank. When you choose to bank with Monzo, you invest your time and trust in us. So we think you should have a chance to share in our future success too.”
It was then reported that through Monzo’s last two rounds of crowdfunding, 7,395 people invested into the bank. More than £4.2 million has been secured through all three of Monzo’s Crowdcube campaigns. The upcoming funding round is set to launch next week. The terms of the deal were not disclosed. The company’s valuation is now at $1 billion.
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