UK challenger bank Monzo has reportedly scored an additional £60 million investment. According to TechCrunch, Monzo revealed it not only has more than 4.8 million users, it also raised the funds, which is priced the same as the previous investment from June 2020.
Founded in 2015, Monzo claims it is building a new kind of bank that lives in smartphones and is build for the users “live today”
“By solving your problems, treating you fairly and being totally transparent, we believe we can make banking better. 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.”
Speaking about the investment, TS Anil, CEO of Monzo, shared with media outlet:
“We’ve raised £125 million this year, achieved strong organic growth and are now nearing five million customers, all while becoming the most switched to bank in the U.K. and the top rated for overall service. This news demonstrates the confidence that both our customers and investors have in Monzo.”
Monzo reportedly generated £113.8 million in losses versus year prior losses of £47.1 million. Simultaneously, top-line revenue rose to £67.2m from £19.7m for the fiscal year-end February. Monzo also furloughed up to 175 employees in customer support and an additional 120 elsewhere in the business during the COVID-19 pandemic. A company house filing previously indicated that Monzo founder Tom Blomfield, who stepped away from his CEO role with Anil, is no longer a director at the Fintech.