Multiple reports indicate that Monzo is raising £50 million as part of an extension of the previously reported Series G funding from 2020.
A Tweet by SkyNews said the new capital is an extension of a previously announced round that brings the total raised by the company during the pandemic to £175 million.
A separate Tweet by CNBCi indicated the new funding was at a valuation of £1.25 billion which is a 40% discount to funding raised in 2019.
San Francisco-based VC Octahedron Capital is said to be joining existing investors in the funding.
Monzo has had a choppy year due in part to the ongoing COVID-19 pandemic, intense competition, and the transfer of leadership from founder Tom Blomfield to CEO TS Anil. Blomfield completed exited the Fintech around the beginning of the year.
Monzo currently reports around 5 million accounts mainly in the UK. Monzo is in the process of expanding into the US.