UK-based challenger bank Monzo announced on Monday it secured £113 million through its latest investment, led by Y Combinator Continuity and Latitude. The round of funding reportedly brings the platform’s valuation to £2 billion.
The news about Monzo’s latest investment round comes just six months after the digital banking startup raised £20 million on Crowdcube. The company’s crowdfunding history is shown below:
- 2016: £1 million raised in 1 minute 36 seconds
- 2017: £2.3 million raised with the help of over 6,400 investors
- 2018: £20 million raised in 2 days with the help of 36,000 investors
The company raised £85 million backed by VCs, giving the “Fintech unicorn” status as it topped the billion-dollar mark in valuation in October 2018. Monzo also revealed that more than two million users are now using its services, and in May alone more than 200,000 new users joined. While sharing more details about its growth and product development, Monzo declared:
“A few weeks ago, we also announced our plans to start rolling out Monzo in the USA. And in the past few months we’ve really started to deliver on our vision to build Monzo into a marketplace, that lets you access a choice of products and services from across the market, and manage them conveniently through Monzo. You can now earn interest on your savings with savings accounts provided by other banks, switch energy supplier straight through the app, and even start adding on extra features to your account with Monzo Plus. We’ve also started rolling out Monzo Business Accounts to more of the 15,000 business owners on our waiting list.”
In regards to the latest funding round and plans for the future, Monzo CEO Tom Blomfield, went on to add:
“It’s so exciting when amazing investors back our mission to transform banking and make money work for everyone. With more than 2 million customers we’ve come a long way since we started but there’s still a lot more to be done – by listening to our community we’ll keep working hard to deliver the products our customers need to give them better control of their finances.”
Sign ups for Monzo’s launch in the U.S. is currently available.
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