6 years ago
Monzo Raises £113 Million for U.S. Expansion
Monzo, the fast-growing U.K.-based challenger bank, has raised £113 million in additional funding led by Y Combinator's Continuity growth fund
The round brings Monzo's valuation to £2 billion
Monzo plans to use the new funding to support its expansion into the U.S
market, where it is initially launching with a few thousand cards
The U.K
company also plans to apply for its own U.S
bank license in the longer term
Monzo's U.S
expansion comes at a time when other London-based fintechs, such as the financial chatbot Cleo, have been successful in North America.
ProblemFinancial Services
"Making banking more modern and accessible for people in the UK. Existing banks don't provide the user-friendly features, transparency, and control that people want. This makes managing money frustrating and confusing, leading to poor financial decisions."
Solution
"Monzo offers a mobile-first banking experience with intuitive features, real-time transaction insights, and a focus on transparency. They offer budgeting tools, instant notifications, and clear fees, making managing finances easier and more empowering for customers. Their goal is to become the primary banking provider for people, replacing traditional banks with a more modern and user-friendly alternative."
