Banking made easy
Read here the Monzo News.
Monzo Bank Ltd , is a digital, mobile-only bank based in the United Kingdom. Originally operating through a mobile app and a prepaid debit card, in April 2017 their UK banking licence restrictions were lifted, enabling them to offer a current account. Monzo was one of the earliest of a number of new app-based challenger banks in the UK. As of September 2019, Monzo has 3 million customers.
In October 2016, Monzo announced an ‘interim’ funding round valuing the company at £50M and raised £4.8M in the process led by Passion Capital. This round was followed by a second £2.5 million Crowdcube crowd-funding campaign with the total pledged quickly hitting the target amount.
In February 2017, Monzo raised £19.5M from Thrive Capital, Passion Capital, and Orange Digital Ventures, which it intended to supplement with a crowdfunding campaign for an additional £2.5 million.
On 6 November 2017, Monzo raised £71 million from several investors in a round led by Goodwater Capital. At the close of the round, Monzo was valued at £280 million.
On 30 October 2018, Monzo became a pound “unicorn,” with an £85 million fundraising round valuing the company at £1 billion.
On 5 December 2018, Monzo held another £20 million Crowdcube crowdfunding campaign, reaching nearly £18 million in funding in less than three hours, and reaching the £20 million goal in just over two days.
On 24 June 2019, Monzo raised £113 million in a Series F funding round led by Y Combinator’s Continuity fund. This round gave Monzo a valuation of £2 billion.
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