5 years ago

Monzo Secures £60 Million Funding at Reduced Valuation

  • Monzo, a digital bank based in London, has successfully raised £60 million at a valuation of £1.25 billion, a 40% drop from its previous valuation

  • The funding round was led by Reference Capital and Vanderbilt University, with existing investors Y Combinator, Accel, Thrive Capital, and Passion Capital also participating

  • Monzo will use the funds to grow its user base beyond 4 million

  • The raise comes after a period of funding delays and speculation about a down round, which was attributed to “challenger bank fatigue” among investors.

      • ProblemFinancial Services

      "Making banking more accessible and user-friendly, especially for the younger generation, by offering a digital-first experience with innovative features and transparent pricing."

      Solution

      "Providing a mobile-first banking platform with features like budgeting tools, instant notifications, and easy money transfers, all with transparent fees and no hidden charges. They also offer a variety of financial products, including current accounts, loans, and credit cards."

      Covered on