Monzo Raises £113 million In New Funding
|Monzo CEO Tom Blomfield
image: TEDx on Flickr
Fresh off £85 million in funding last October, U.K. digital bank Monzo has announced £113 million in new funding led by Y Combinator Continuity, with participation from other existing investors. This funding values Monzo at £2 billion ($2.5 billion) post-money, double a previous £1 billion valuation from its last funding.
This funding comes on the heels of Monzo’s expansion into the U.S. The U.K.-based company is working with an — FDIC-insured — partner bank to operate in the U.S. as it doesn’t yet have a banking license in the country.
|(Starting from left) Revolut CEO Nikolay Storonsky, N26 CEO Valetin Stalf and Monzo CEO Tom Blomfield. Revolut and N26 are also European fintech unicorns.
Photo by XDante for TechCrunch
Monzo currently has more than two million users and says 200,000 people signed up in May (last month) alone. The company’s new raise comes on the heels of another fintech startup, Blend raising $130 million in new funding at a near $1 billion valuation.